Utah (USA): all our coverage

DraftKings, FanDuel and Fanatics have pulled sports contracts from Utah since the state charged Kalshi and its founders, and Fanatics is leaving altogether. The federal bid to stop the prosecution goes before the judge who has already ruled that Utah's gambling laws apply to Kalshi.

Two senators, one from each party, have asked the two largest US prediction markets to show how they keep insiders and manipulators out of election contracts, with answers due on the day of the midterms. The letter argues that catching a handful of candidates is not proof the markets are protected.

Kalshi has almost doubled its valuation in under six months with a $1 billion Series G co-led by Wellington and Sequoia. The round was announced a day after Utah filed felony charges against the exchange and both co-founders, and the company's pitch to investors leans on its business beyond sport.

Utah's attorney general has charged Kalshi and co-founders Tarek Mansour and Luana Lopes Lara with felony gambling offences built on 12 sports wagers placed by an undercover agent. The criminal case arrives two days after the CFTC sued Utah to stop its civil action against the exchange.

Seven weeks after it began routing football contracts to Crypto.com's exchange, Robinhood has told investors that the exchange will become its main second venue behind Rothera and that it will move off "most of our competitors". It owns a stake in both venues, and the Crypto.com exchange is the one suing Missouri and Utah.

Kalshi has sued Missouri, Polymarket has sued Louisiana and Crypto.com's exchange has sued Utah, all in federal court and none of them yet the target of a state lawsuit. The filings are a race for the forum, because once a state sues first in its own courts, pre-emption becomes a defence rather than a route into federal court.

The federal regulator has asked a Utah federal court to halt the state's gambling case against Kalshi and bar any future action against CFTC-registered exchanges. It is suing in a district that granted Utah summary judgment on the same question in August.

The Senate Commerce Committee chairman intends to file legislation after the 3 November midterms that would bar gambling-linked event contracts, sports included, unless a state or tribe authorises them, Bloomberg Law reports. No text, bill number or co-sponsor is public yet, and the window before this Congress ends is short.

Utah's Attorney General has sued five Kalshi companies and two Susquehanna firms in Salt Lake County, alleging that the market makers taking the other side of retail trades are gamblers and bookmakers under Utah law. A gaming lawyer calls it the first state enforcement action aimed at a prediction market's liquidity providers.

BetMGM's third quarter was its joint-best for adjusted EBITDA on the figures it has published since 2025, against a weak comparison a year earlier. It still expects 2026 to land at the bottom of guidance that has already been cut once, which needs a fourth quarter bigger than any it has reported.

On the opening main stage at G2E, the chief executives of MGM Resorts and Caesars called prediction markets illegal, "obscene" and a risk to the whole industry. Wynn Resorts' Craig Billings said his company had no "skin in the game", and recalled what the Strip lost by fighting California's tribes.

A Republican senator who co-sponsored a bill to classify sports event contracts as gambling wants the Senate Judiciary Committee to question Donald Trump Jr. and Hunter Biden about trading on their fathers' office. Trump Jr.'s ties to Kalshi and Polymarket are one line in the case, and the committee's chairman is in no hurry.

The chief executives of Kalshi and Polymarket are expected at the White House complex on Wednesday alongside the chairs of the CFTC and the SEC, a day before a federal advisory committee sits down to discuss who actually gets to regulate event contracts. For the sportsbooks losing volume to those venues, that second meeting is the one that matters.

A Connecticut federal judge has rejected both halves of Kalshi's legal theory in a single order, finding its sports contracts are not swaps and that federal commodities law would not displace state gambling powers even if they were. The pause Kalshi has held since December is gone.

A federal judge in Utah has ruled against Kalshi's latest attempt to prevent a state from enforcing its gambling laws against the prediction-market operator, extending a string of legal setbacks that have repeatedly undermined the company's federal-preemption strategy at the state level.