00:00It's Benzinga bringing Wall Street to Main Street.
00:02Cowler sued Arizona in U.S. District Court, arguing the Commodity Exchange Act gives the
00:08CFTC exclusive jurisdiction over its event contracts and preempts state enforcement,
00:12according to Benzinga. Days later, Attorney General Chris Mays filed 20 criminal counts
00:18in Maricopa County Superior Court. The charges relied on small wagers placed from Arizona,
00:23including bets as low as $1 and up to $30. The filing cited bets on sports and
00:29multiple election outcomes, which Arizona law bans. Neither Kelsher entity was registered
00:35to do business in the state. Mays said Kelsher is operating an illegal gambling business by
00:40taking bets on Arizona elections in violation of state law. Kelsher said the charges rely
00:45on weak arguments and that its business differs from sports books and should not be regulated
00:50by inconsistent state laws. For all things money, visit Benzinga.com.
Comments