News Summary

• Arizona's attorney general has filed the first-ever criminal case against prediction platform Kalshi.
• AG Kris Mayes accused the New York-based platform of operating an unlicensed online gambling scheme.
• The move could bring asset forfeiture and even jail time if convictions follow, though no executives are named in the complaint.
• The case lands in the middle of an escalating clash between states and the Trump administration, which has welcomed prediction platforms and vowed to defend them.
• The legal offensive comes as prediction markets face mounting controversy over what people are allowed to bet on.