Arkansas Attorney General Sues Kalshi, Saying Bets on Razorbacks Games Are Gambling

Arkansas Attorney General Tim Griffin has sued KalshiEX LLC and Kalshi Inc. , the companies behind the prediction market Kalshi, arguing that the platform operates an unlicensed gambling business in the state. Griffin announced the lawsuit on Nov. 4 , saying the state is seeking restitution, penalties, taxes and injunctive relief under the Arkansas Deceptive Trade Practices Act . He said that “wagering money on whether the Razorbacks win or lose is gambling,” and that state law “is concerned with substance, not semantics.” The consumer protection angle is one that critics of state actions have pushed back on. Jacob Robinson, host of the Law of Code podcast, said on Unchained’s DEX in the City in August that prediction market users “are citizens of the exact states that are going after…

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