The Ingham County Circuit Court in Michigan has issued a temporary restraining order against prediction market platform Kalshi at the request of Attorney General Dana Nessel. The order prohibits Kalshi from offering sports event prediction trading to Michigan residents and requires integration of a state-licensed geolocation service, with a daily fine of $120,000 for non-compliance. This move underscores increasing state-level regulatory scrutiny on prediction markets, potentially impacting Kalshi's nationwide expansion.
According to Reuters, Judge Rosemarie Aquilina of the Ingham County Circuit Court in Michigan granted a temporary restraining order against prediction market platform Kalshi upon the application of Michigan Attorney General Dana Nessel. The order bars Kalshi from offering sports event prediction trades to Michigan residents and mandates the integration of a third-party geolocation service licensed by the Michigan Gaming Control Board. Failure to comply will result in a daily fine of $120,000.
Kalshi, a prediction market platform regulated by the U.S. Commodity Futures Trading Commission (CFTC), has previously allowed users to trade on sports outcomes. The Michigan Attorney General argued that such activities violate state gambling laws. This temporary restraining order signals heightened regulatory pressure from state authorities on prediction markets, which could affect Kalshi's expansion plans across the United States.
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