Michigan court bans Kalshi from offering sports bets

A Michigan court has issued a temporary restraining order banning the prediction market platform Kalshi from offering bets on sports events, Reuters reported. The court imposed a fine of $120,000 per day for non-compliance, citing violations of state gambling laws. The judge argued that Kalshi was causing irreparable harm to citizens by operating sports betting disguised as investment opportunities. With this order, Michigan becomes the second state after Nevada to prohibit Kalshi's operations. A similar ban in Massachusetts is currently on hold pending an appeal from the company. Kalshi has announced its intention to pursue legal action, countering that prediction markets fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC), not individual state governments.