Kalshi faces $500,000 daily fine under Michigan court injunction

A Michigan court has ordered Kalshi to keep sports event contracts unavailable in the state under a preliminary injunction that carries fines of $500,000 per day for violations. Summary A Michigan court ordered Kalshi to continue blocking sports event contracts for residents under a preliminary injunction. Kalshi could face fines of $500,000 per day for violating the court’s geofencing requirements. Michigan sued Kalshi in March, alleging its sports contracts amounted to unlicensed sports betting. The injunction replaces a temporary restraining order issued in June and will remain until a final ruling. Kalshi faces similar legal challenges over sports contracts across multiple US states. The Michigan Attorney General’s Office said Wednesday that Ingham County Circuit Court Judge Rosemarie E. Aquilina signed the order on Sept. 1, extending restrictions that have applied to the prediction market platform since a temporary restraining order was issued in June. Under the injunction, Kalshi cannot offer, list, execute or settle sports-related contracts for people located in Michigan. The restrictions cover products functionally similar to internet sports betting, including moneyline mar...