Opinion | ‘Peer-to-Peer’ Wagering Isn’t Gambling? Don’t Bet on It

Utah has challenged Kalshi's assertion that its peer-to-peer wagering platform differs from traditional gambling, arguing that the company's trading arm effectively operates as the house.

Classification Dispute

The company maintains its model is distinct from sportsbooks, while Utah regulators point to Kalshi's trading activities that mirror conventional gambling operations.