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Arizona Charges Are Overstep, Says Kalshi CEO Tarek Mansour
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March 18, 2026
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6:55Now PlayingKalshi CEO Tarek Mansour speaks with Bloomberg's Tim Stenovec about the charges filed by Arizona state against the company. In a move that follows legal actions by nearly a dozen other states, the filing alleges Kalshi is operating an illegal gambling business.
While state regulators have taken steps to crack down on what they say is unlicensed betting on Kalshi’s site, Arizona appears to be the first state to escalate to criminal charges. The charges cited in the complaint are misdemeanors, which carry less serious penalties than felonies.
“Kalshi may brand itself as a ‘prediction market,’ but what it’s actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law,” Arizona Attorney General Kris Mayes said in a statement.
Prediction market exchanges like Kalshi have said they should continue to be regulated by the US Commodity Futures Trading Commission despite opposition from some state officials, who argue the trading should fall under state gambling laws. “These charges have nothing to do with gambling or the merits. If it was about gambling or the merits, they would let the judicial process run its course in the federal courts,” Mansour said in an interview with Bloomberg Television.
Read More: Arizona Charges Kalshi With Illegal Gambling Operation
“Kalshi may brand itself as a ‘prediction market,’ but what it’s actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law,” Arizona Attorney General Kris Mayes said in a statement on Tuesday.
Prediction market exchanges like Kalshi have said they should continue to be regulated by the US Commodity Futures Trading Commission despite opposition from some state officials, who argue the trading should fall under state gambling laws.
That has led to legal challenges across the country as trading in the multibillion dollar industry surges. So far, most of the state-level legal actions have involved cease-and-desist letters, seeking preliminary injunctions, and civil enforcement.
“Whatever long it takes, we’re going to fight for prediction markets,” Mansour said.
When asked whether Kalshi would exit states that succeed in blocking it, he said the company would comply with the law but stopped short of committing to a specific course of action.
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