By Aidan Mortensen | KOAL News
As apps like Polymarket and Kalshi continue to gain public attention, government officials at both the state and federal levels are pushing for more regulation.
In Utah, Sen. John Curtis (R-UT), alongside Sen. Adam Schiff (D-CA), has introduced the Prediction Markets Are Gambling Act, which would prohibit Commodity Futures Trading Commission-registered entities from listing any prediction contract that resembles a sports bet or casino-style game.
“Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators,” Curtis said of the bill. “Our bipartisan legislation clarifies regulatory jurisdiction, ensuring that states can maintain their authority over sports betting and casino gaming.”
Young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not federal regulators. Our bipartisan bill ensures that states can maintain their authority over these markets.https://t.co/MEDI9SSKQv
— Senator John Curtis (@SenJohnCurtis) March 23, 2026
Across the nation, states are battling these apps in court, with attempts to regulate Kalshi currently blocked in New Jersey, New York, Tennessee, Ohio and Connecticut. Additionally, the company preemptively sued Utah over HB243, a bill that would have clarified that a proposition bet falls within the definition of gambling.
Kalshi later agreed to pause the litigation, saying it has engaged in discussions of the issues surrounding the case.
In Arizona, the state filed 20 criminal charges against Kalshi, accusing the app of operating an illegal gambling business in the state.
During his monthly news conference, when asked if Utah would follow suit and file criminal charges, Cox responded,” We’re looking at those, certainly having those conversations. I’ve been pretty blunt about how I feel about what these companies are doing – the gambling companies that are pretending to be something else.”
He added,” It’s, you know, walks like a duck and quacks like a duck – it’s a duck. And I think everybody agrees with that, except the people who are making billions off of trying to destroy our kids.”
Curtis’ bipartisan bill comes at a time when CFTC Chair Michael Selig has been a proponent of keeping prediction markets open and under the CFTC’s exclusive jurisdiction. In an op-ed, Selig writes,” The CFTC will no longer sit idly by while overzealous state governments undermine the agency’s exclusive jurisdiction over these markets by seeking to establish statewide prohibitions on these exciting products.”
In a press release announcing the legislation, the office of Sen. Curtis argues,” These contracts evade state and tribal consumer protections, generate no public revenue, and undermine sovereign tribal regulatory regimes. In Utah, state law prohibits all forms of gambling.”
Kalshi cofounder and CEO Tarek Mansour reacted to the legislation in a social media post on X, calling it a product of the “casino lobby hard at work.”
Casino lobby hard at work.
There is a reason tens of millions of people use regulated prediction markets: it’s a better product.
Banning just pushes this offshore, where no regulation exists.
This bill isn’t about protecting consumers; it’s about protecting monopolies. https://t.co/otzm0U4Te8
— Tarek Mansour (@mansourtarek_) March 23, 2026
“There is a reason tens of millions of people use regulated prediction markets: it’s a better product. Banning just pushes this offshore, where no regulation exists. This bill isn’t about protecting consumers; it’s about protecting monopolies,” the CEO said.
Business is currently booming for prediction markets, with Polymarket announcing a partnership with Major League Baseball. Kalshi has also reportedly recently raised over $1 billion in new financing.