Michigan Judge Issues Temporary Restraining Order Blocking Kalshi Sports Betting Service

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).