Michigan Judge Blocks Kalshi from Offering Sports Betting Contracts

A Michigan circuit court judge has issued a preliminary injunction against the prediction market platform Kalshi, prohibiting it from offering sports betting-related contracts to Michigan residents. The court characterized Kalshi's offerings as sports betting disguised as investment opportunities. Kalshi is required to block users in the state using geofencing services or face a daily fine of $500,000. The order also bans account registration, deposits, and advertising for such products within the state until a final ruling is reached.