From New York Post · · 1m 30s
Kalshi Founder Takes Regulation Fight to Supreme Court
Kalshi founder Tarek Mansour prepares to take Utah's gambling regulation suit to Supreme Court after state targets prediction market company.
In brief
Kalshi founder Tarek Mansour prepares to take Utah's gambling regulation suit to Supreme Court after state targets prediction market company. Kalshi's co-founder Tarek Mansour says Utah's attempt to ban prediction markets could end up in Supreme Court after the state sued the company for operating as a gambling…
Utah sues Kalshi
Utah authorities seek to remove Kalshi from the state, calling it a back-alley gambling den where illegal wagers are made.
“Kalshi is "the manager of a back-alley gambling den" in a state where gambling is illegal”
Kalshi's business model
Kalshi offers wagers across real-world events from sports and the Oscars to weather in France and prices at Costco.
Utah's legal challenge
Utah's suit demands Kalshi return millions made on Utah turf to residents, naming four subsidiaries and two Pennsylvania trading companies.
State court action
Utah is the latest state to target Kalshi after a US appeals court ruled Ohio and Tennessee can regulate Kalshi’s event contracts under gambling laws.
Kalshi's federal defense
Kalshi claims it is a federally regulated financial exchange like the stock market, answering to federal law and not state regulations.
Tarek Mansour's stance
Kalshi co-founder Tarek Mansour says the statute and structure are clear, and the CFTC has authority to regulate sports events as part of financial markets.
“Frankly, the statute and the structure is very, very clear and, you know, whether people think a sports game is a game, this commodities exchange act gave the CFTC the authority to decide what to do with the game, and to regulate it the way it sees fit, and that’s what it’s doing”
Investor confidence
Kalshi has raised $2.6 billion and investors believe it can defeat lawsuits while its bet-on-anything business remains a winning concept.
Sports betting revenue
Sports betting accounts for up to 70% of Kalshi's estimated $4 billion revenue during the 12 months ended July 2026.
The short version
Kalshi's co-founder Tarek Mansour says Utah's attempt to ban prediction markets could end up in Supreme Court after the state sued the company for operating as a gambling provider.
