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Michigan judge issues preliminary injunction against Kalshi over sports betting contracts
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News EditorA judge in Ingham County, Michigan, has issued a preliminary injunction against prediction market platform Kalshi, ordering it to stop offering sports-betting-related contracts to state residents, according to Decrypt. Judge Rosemarie Aquilina said the business amounted to sports betting “disguised as an investment opportunity.” Under the order, Kalshi must block in-state users through a third-party geolocation service approved by Michigan’s betting regulator or face a $500,000 daily fine. The injunction also bars the company from allowing Michigan residents to open accounts, make deposits, place ads, or use products that resemble sports betting until a final ruling is reached.
ChainCatcher reported, citing Decrypt, that Ingham County Circuit Judge Rosemarie Aquilina in Michigan has issued a preliminary injunction against prediction market platform Kalshi, ordering it to stop offering sports-betting-related contracts to Michigan residents.
The court said Kalshi’s business amounts to sports betting “disguised as an investment opportunity.”
Under the order, Kalshi must block users inside the state through a third-party geolocation service approved by Michigan’s betting regulator. If it does not, the company faces a $500,000 daily fine.
The injunction also prevents Kalshi from letting Michigan residents open accounts, make deposits, run ads, or access product features that resemble sports betting, until the case reaches a final decision.
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