# Utah Seeks Kalshi Profits, Estimates Up to $61.2 Million in Fees

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/36452
Published: 2026-10-21T07:17:35.000Z
Updated: 2026-10-21T07:17:35.000Z
Section: Regulation

> The civil suit also names two Susquehanna trading firms. The fee figure is an estimate, not a fixed damages demand.

Utah sued Kalshi and two Susquehanna trading firms, seeking profits and restitution in a gambling case that estimates up to $61.2 million in fees from accounts with Utah addresses.

The Oct. 20 civil complaint names five Kalshi entities. Utah alleges they operated an illegal gambling business in the state and that the Susquehanna firms took positions opposite retail customers, including Utah users.

Utah estimates Kalshi collected $30.6 million to $61.2 million in fees through Oct. 19. The range assumes a fee of 1 cent to 2 cents per contract and projects Utah activity from the state’s share of open positions earlier this year. It is an estimate of fees, not a fixed damages demand. The state wants the court to determine how much the defendants must return.

The suit also seeks to stop Kalshi from offering contracts tied to sports, elections, politics, culture and public mentions in Utah, with court-approved location checks to enforce the restriction. Kalshi maintains that its federally regulated market is governed by federal law and that states cannot veto its contracts.

A federal judge ruled Aug. 4 that Utah could apply its gambling laws to Kalshi’s sports contracts. Kalshi appealed, but an appeals court denied its request to pause enforcement while the appeal proceeds.