{"id":911533,"date":"2026-11-09T18:48:09","date_gmt":"2026-11-09T18:48:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/911533\/"},"modified":"2026-11-09T18:48:09","modified_gmt":"2026-11-09T18:48:09","slug":"prediction-markets-exit-utah-amid-kalshi-charges","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/911533\/","title":{"rendered":"Prediction markets exit Utah amid Kalshi charges"},"content":{"rendered":"

Several prediction markets have \u201cceased operations\u201d in Utah after the state filed 14 criminal charges against prediction market operator Kalshi and its co-founders, according to Shreyas Laddha of the SALT LAKE TRIBUNE. The state filed charges against Kalshi on Oct. 28<\/a> and DraftKings \u201csent an email notice to consumers announcing it was ceasing operations in the state\u201d later that day. On Oct. 30, FanDuel Predicts \u201cfollowed suit, shutting down operations in Utah.\u201d Meanwhile, Fanatics \u201cstopped all trading on its Fanatics Markets platform\u201d in the state on Wednesday. This comes just weeks after it was reported that \u201cDraftKings and other prediction markets continued to operate in the state, despite Utah having completely banned all forms of gambling.\u201d Utah AG Derek Brown said in a statement, \u201cUtah law is clear: gambling is illegal in our state. Some of the largest online gambling apps are now pulling out of Utah. I appreciate these companies being responsive to our efforts\u201d (SALT LAKE TRIBUNE, 11\/8<\/a>). <\/p>\n

DOUBLING DOWN: In Boston, Jon Chesto reported DraftKings is \u201cdoubling down on its expansion into the prediction markets,\u201d but investors \u201cdon\u2019t seem to consider that move a safe bet.\u201d Shares in DraftKings \u201cplunged\u201d 21% on Friday to $18.51, after it disclosed a \u201cbig ramp-up in spending on attracting prediction-market customers.\u201d The previous afternoon, as part of its third-quarter earnings, DraftKings disclosed that it is \u201cspending as much as\u201d $700M on prediction markets this year, \u201cmostly on marketing, more than twice the level previously stated.\u201d One reason \u201cinvestors are skeptical\u201d is that the future of prediction markets \u201ccould hinge on a Supreme Court decision, possibly as soon as next year.\u201d DraftKings CEO Jason Robins during an earnings call on Friday said that even if the Supreme Court \u201cshuts the door\u201d on using prediction markets for placing wagers on sports, DraftKings \u201cwill make back its investments over time, in part by cross-selling to prediction-market customers\u201d (BOSTON GLOBE, 11\/6<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"Several prediction markets have \u201cceased operations\u201d in Utah after the state filed 14 criminal charges against prediction market…\n","protected":false},"author":2,"featured_media":911534,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,15363,112],"class_list":["post-911533","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-gambling","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/911533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=911533"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/911533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/911534"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=911533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=911533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=911533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}