Arizona files 20-count criminal complaint against Kalshi

The U.S. state of Arizona has filed a 20-count criminal complaint against prediction market platform Kalshi, CoinDesk reported. Arizona Attorney General Kris Mayes accused the company of operating an unlicensed gambling business and offering illegal election betting in the state. Mayes stated that while Kalshi calls itself a prediction market, it is actually running an illegal gambling operation and taking bets on elections, both of which are prohibited under Arizona law. The complaint includes allegations of contract betting on the outcomes of the 2028 presidential election and the 2026 gubernatorial election.