A Michigan judge prohibits Kalshi from offering sports betting contracts, imposing a daily fine of $500,000 for violations

According to Decrypt, Judge Rosemarie Aquilina of the Ingham County Circuit Court in Michigan has issued a preliminary injunction against the prediction market platform Kalshi, requiring it to stop offering sports betting-related contracts to Michigan residents. The court found that Kalshi's related business is essentially "sports betting disguised as investment opportunities."

Under the order, Kalshi must block in-state users through a third-party geolocation service licensed by the Michigan betting regulatory agency, or face a daily fine of $500,000. The injunction also prohibits it from allowing account registration, deposits, advertising, and similar sports betting product features for Michigan residents until a final judgment is made in the case.