Michigan Court Orders Kalshi to Keep Blocking Sports Markets, $500K Daily Fine
Summary
A Michigan state court has issued a preliminary injunction requiring Kalshi to continue blocking state residents from sports-related event contracts. The order, from Ingham County Circuit Court Judge Rosemarie E. Aquilina, mandates use of a state-licensed third-party geolocation provider and imposes a $500,000 per day fine for violations. This converts the earlier temporary restraining order from June into a longer-term injunction and follows the case being remanded back to state court after Kalshi's failed attempt to move it to federal jurisdiction. The ruling adds to mounting state-level legal pressure, with over a dozen states taking action and Connecticut filing suit last week. Despite this, Kalshi remains dominant in prediction markets with $38.67 billion in August volume.
This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: The Block.