Source: https://www.bloomberg.com/news/articles/2026-03-17/arizona-charges-kalshi-with-operating-illegal-gambling-business From the post: >>Arizona said it filed criminal charges against Kalshi for operating an illegal gambling business, in a significant escalation in the legal battles between the prediction market exchange and about a dozen states. While state regulators have taken steps to crack down on what they say is unlicensed betting on Kalshi’s site, Arizona appears to be the first state to escalate to criminal charges. The charges cited in the complaint are misdemeanors, which carry less serious penalties than felonies.