Michigan Court Bans Kalshi's Sports Betting Business, $120,000 Daily Fine for Violations

According to Reuters, Michigan Ingham County Circuit Court Judge Rosemarie Aquilina issued a temporary restraining order against prediction market platform Kalshi on June 29 local time upon the application of State Attorney General Dana Nessel, prohibiting it from offering sports event contract trading to Michigan residents and requiring it to connect to third-party geolocation services licensed by the state Gaming Control Board, or face a fine of $120,000 per day. Michigan thus becomes the second state to ban Kalshi through a court injunction after Nevada, while a similar injunction in Massachusetts was suspended due to Kalshi's appeal. Kalshi maintains that its business is under the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) and stated it will continue to fight in court.