A Michigan judge on Monday issued a temporary restraining order barring prediction market platform Kalshi from continuing to offer sports event financial betting services to Michigan residents, and said the company could face a $120,000 daily fine if it does not comply with geolocation requirements.
According to PANews, the order makes Michigan the second state, after Nevada, to impose a court injunction against Kalshi. A similar injunction in Massachusetts has been paused while Kalshi appeals.
The judge said Kalshi’s sports betting business is disguised as an investment opportunity and is causing harm to Michigan residents.
A Kalshi spokesperson said the company plans to fight the order in court and argues it is subject to the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC).
Michigan Judge Issues Temporary Restraining Order Blocking Kalshi Sports Betting Service
2026-06-30 05:43:58
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
