00:00Here we go with prediction markets probably trying to step on some toes here.
00:04So how does the state react and how does this end up?
00:07Yeah, it's interesting because Calci and other prediction markets have been offering prediction markets in 50 states pretty much since
00:13the beginning here, right?
00:14Since sports betting, sports event contracts went live earlier in 2025.
00:20So it's been everywhere.
00:21It's been the main, most of the fights have been about legal sports betting states against prediction markets.
00:26Like they're stepping on their toes, right?
00:28We've regulated this, we tax it, you should be listening to our laws.
00:31It's the same dynamic in places that don't have legal sports betting like Utah and Hawaii.
00:36And Utah apparently just woke up to this, that there is sports betting in their state just now because there
00:42has been a lot of noise here.
00:44We talked last week about the CFTC chair, Michael Seeley, kind of aggressively saying we are going to fight for
00:49prediction markets.
00:49We're going to fight the states on this.
00:51And then Utah's governor, Spencer Cox, came out and said, whoa, whoa, whoa.
00:55I'm paraphrasing here.
00:57We can't have sports betting in Utah.
00:59We're Utah.
01:00We don't have gambling here.
01:01We don't have any vices here, right?
01:03Well, we have some.
01:04But it's been interesting because that led to, you know, the attorney general has weighed in in Utah.
01:09We have one of the sitting U.S. senators that said, this is just gambling.
01:13We can't have this here.
01:14So this all escalated last night with Kalshi filing a lawsuit against Utah.
01:19Utah has not sent a cease and desist or said anything directly saying you've got to be out of our
01:24state, but they have applied that they are going to do such.
01:27So Kalshi proactively goes to court, federal court, and says, hey, we're worried that Utah is going to try to
01:32shut us down.
01:32We want a court to say we can keep operating here.
01:36So this has been, like, just over the past week, a really interesting dynamic that we have, you know, Republicans,
01:41which have been, you know, generally for prediction markets so far and for them happening, they have said, you know,
01:48we don't really have a problem with prediction markets.
01:50And there's been this pushback, I think, in a real way from some Republican politicians.
01:55And the Utah delegation, both the state and the federal level, has really pushed back against this.
02:00You know, this is taking the court battles into a way, to a more aggressive stance than the prediction markets
02:05have previously, trying to sue before they get told to knock it off.
02:10And it'll be interesting to follow.
02:11And this opens it up in another federal appellate court.
02:14So this all equals we're going to get to the Supreme Court someday.
02:18It's just a matter of when.
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