Michigan court bans Kalshi from offering sports event betting services to residents of the state

CoinFeed June 30 news, according to Reuters, a Michigan judge issued a temporary restraining order on Monday banning prediction market platform Kalshi from continuing to provide financial betting services on sports events to residents of the state, stating that if Kalshi fails to comply with geolocation requirements, it will be fined $120,000 per day. The order makes Michigan the second state after Nevada to impose a court injunction on Kalshi, while a similar ban in Massachusetts has been stayed pending Kalshi's appeal. The judge believes that Kalshi's sports betting business is disguised as an investment opportunity and is causing harm to Michigan residents. A Kalshi spokesperson said the company plans to fight in court, and the company argues it is exclusively regulated by the CFTC.