Arkansas Attorney General Tim Griffin filed the suit on Wednesday, alleging Kalshi runs an illegal gambling platform in the state. Griffin said Kalshi lets users wager on "just about anything" and that betting on Razorbacks outcomes is "squarely prohibited" by state law, citing risks including excessive wagering, financial losses, and mental health harms. Kalshi has previously argued its event contracts are CFTC-regulated derivatives exempt from state gambling laws. Utah recently filed criminal charges against Kalshi and two executives, while the CFTC has sued at least 10 states to defend its jurisdiction over prediction markets.

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