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Utah's attorney general sued Kalshi on 20 October, asking a state court to stop the platform from offering sports, election, political and culture contracts to Utah residents. The complaint, filed in Utah's Third District Court, also names two Susquehanna trading firms that the state describes as market makers on the platform.
For users of prediction markets apps in Utah, the practical risk is access. The state alleges unlawful operation since September 2024 and seeks restitution of up to $61.2 million. It estimates Kalshi earned $30.6M to $61.2M in fees from Utah accounts. That figure is the state's estimate, not an established amount.
Kalshi said the suit "does not affect our ongoing federal litigation." A federal court ruled against Kalshi in its Utah case on 4 August, and the Tenth Circuit denied an injunction pending appeal on 8 September. The appeal is pending. Full rulings are in the prediction market litigation tracker.
Biggest Market Moves
| Market | Venue | Price now | 24h change | 24h volume | |
|---|---|---|---|---|---|
| Ohio Senate winner: Jon Husted (Republican party) | Kalshi | 28¢ | -8 pts | $386,673 | |
| Texas Governor winner: Greg Abbott (Republican party) | Kalshi | 65¢ | -8 pts | $247,446 | |
| Georgia Governor winner: Rick Jackson (Republican party) | Kalshi | 44¢ | -7 pts | $347,754 | |
| Texas Governor winner: Gina Hinojosa (Democratic party) | Kalshi | 35¢ | +7 pts | $274,411 | |
| San Francisco vs Atlanta spread: San Francisco wins by over 3.5 points | Kalshi | 42¢ | -6 pts | $362,089 |
Volume
Kalshi recorded $80.30M in rolling 24-hour volume across open markets at 08:19 UTC on 22 October. Each of the five markets above traded between $247,446 and $386,673 over the same 24 hours.
Regulation and Courts
Michigan contempt motion
Michigan Attorney General Dana Nessel has moved to hold Kalshi in contempt. The motion alleges Kalshi violated a 1 September 2026 preliminary injunction by sending targeted email and social media ads for sports contracts to Michigan residents. Judge Rosemarie Aquilina of Ingham County Circuit Court has set a show-cause hearing for 24 November 2026. The motion has not been granted.
Missouri cease-and-desist letters
Missouri Attorney General Catherine Hanaway sent cease-and-desist letters to Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood. The letters require suspension of sports event contracts within 30 days. Reports from 20 and 21 October do not confirm the letter date.
Ohio warning to licensees
The Ohio Casino Control Commission warned licensees, including futures commission merchants and introducing brokers, against serving operators that offer sports event contracts in Ohio. Kalshi reportedly did not receive a cease-and-desist letter because it holds a court order.
Supreme Court petition
In Flaherty v. KalshiEx LLC (No. 26-299), Kalshi's response is due 9 November 2026. The Supreme Court has not agreed to hear the case. Thirty-nine state attorneys general urged review on 13 October, and the NFL and tribal organizations also back review.
Company News
Bloomberg reported on 21 October that Kalshi Prime clients can borrow against Bitcoin, Ether and GENIUS Act-compliant stablecoins held at BitGo Bank & Trust. Kalshi Katalyst issues the loans, and the proceeds fund margin for Kalshi perpetual futures. No terms had been published when the reports appeared.
Webull will offer crypto perpetual futures to eligible US customers starting in November, with Bitcoin first. The contracts list on KalshiEX LLC and clear through Kalshi Klear LLC. Initial access is limited to customers already approved for futures trading in Webull Futures accounts, and no launch day was named.
On 20 October, Kalshi asked the CFTC to approve WTIPERP, a perpetual contract tracking front-month Nymex WTI crude. Kalshi self-certified the contract on 7 October, and the CFTC has 45 to 90 days to decide. The filing is not an approval.
On 20 October, Kalshi also pitched brokers on a shared event-contract order book. Customers of different brokers would trade the same Kalshi market.
What to Watch
- 29 October: Proposed injunction orders due in Illinois (KalshiEx v. Raoul, N.D. Ill.).
- 9 November: Kalshi's response due on New Jersey's Supreme Court petition.
- 18 November: Comment deadline on the CFTC's proposed rule defining swaps, which covers event contracts.
- 24 November: Michigan show-cause hearing on the contempt motion.
- Undated: Baltimore's Kalshi case is stayed until the Supreme Court acts or four months pass, whichever comes sooner.
For market-wide coverage, see today's prediction market news.