Kalshi Faces $500,000 Daily Fines as Michigan Orders Sports Betting Contracts Offline

Kalshi is facing a $500,000 daily fine after Michigan regulators ordered the platform to take its sports event contracts offline. The preliminary injunction remains in effect until a final order is issued. Additionally, the court has imposed a notification requirement on futures brokers, a development that occurs amidst a split in appellate court rulings regarding such contracts.