Gov. Cox stands for Utah's anti-gambling policy amid legal battle with Kalshi

Utah Gov. Spencer Cox has remained firm in his stance against online prediction markets despite legal pushback from companies in the industry.

As online prediction markets such as Kalshi and Polymarket grow in popularity, many states have grappled with how to regulate them.

Utah is historically an anti-gambling state with some of the strictest laws prohibiting it, and is in a legal battle with online prediction markets.

On Feb 23, Kalshi filed a complaint against Cox.

"State of Utahs intrusion into the federal governments exclusive authority to regulate derivatives trading on exchanges overseen by the Commodity Futures Trading Commission (CFTC)," Kalshi stated. "They are lawful under federal law. Thus, they are also lawful under Utahs own anti-gambling laws."

In response to this, Cox reposted a video from Mike Selig, the chairman of the United States Commodity Futures Trading Commission, and added his own comment on X.

"Mike, I appreciate you attempting this with a straight face, but I dont remember the CFTC having authority over the 'derivative market' of LeBron James rebounds," Cox stated. "These prediction markets you are breathlessly defending are gambling pure and simple. They are destroying the lives of families and countless Americans, especially young men. They have no place in Utah."

Other states have also had legal battles with Kalshi, including Nevada and Tennessee. In the former, the ruling was in favor of Nevada; in the latter, the ruling was in favor of Kalshi as a temporary block to Tennessee's ban on Kalshi.

Some students at Brigham Young University shared their opinions on market predictions and online betting.

Students Ryder Allfree and Jake Pennington explained what they consider gambling to be.

"I dont know if the line between market and online betting is really the problem. I think anytime you put your money up for risk, its gambling. So if a state has an anti-gambling policy they want to enforce, you cant put your money at risk." Allfree said.

Pennington also holds anti-gambling sentiments.

"I would much rather find more ways to improve at making money. So if there were to be a replacement campaign against betting and towards gaining money rather than putting up money up to chance, I would be for that," Pennington said.

Students expressed differing opinions on whether the decision to ban online market predictions should be made by the state or federal government.

Student Clara Lee said she had heard of Kalshi and other online market prediction sites and shared her insights.

Im OK with it being a state opinion, Lee said.

Her friend, BYU student Natalie Merain, had another view.

"I guess I could see how it could be a federal thing so that it is fair for everyone everywhere. But, if you live in Utah, everyone is against it anyway," Merain said.

While rulings for the complaint filed against Cox have not been announced, he is determined to fight for Utah's complete anti-gambling policy.

"We decided in Utah, we are not going to have this. And the federal government is coming in and trying to tell us that we have to allow this? It's preposterous, and we are going to fight back," Cox said at the Governor's Summit on Feb 19.