Nessel wins injunction against Kalshi as prediction market says Michigan lacks regulatory authority

Filed 22h ago · Via Michigan Advance · The Buffoon Desk

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Circus of Freaks

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: White House photo by Eric Draper · Public domain · via Wikimedia Commons

A Michigan judge granted Attorney General Dana Nessel a preliminary injunction barring the prediction market Kalshi from any sports-betting-related activity in the state, escalating a lawsuit filed in March. Judge Rosemarie Aquilina previously called the operation “a sports betting operation masquerading as an investment opportunity” and had already issued a temporary restraining order; Kalshi must now use third-party geolocation to block Michigan residents from wagering.

Nessel argues Kalshi lacks the Michigan Gaming Control Board's licensing and is skirting the state's Lawful Sports Betting Act. Kalshi maintains it falls under exclusive federal Commodity Futures Trading Commission jurisdiction and says it will keep fighting in court, while also noting that competitors like Polymarket, Robinhood and Coinbase have failed to get federal courts to block similar state actions elsewhere.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Kalshi wants everybody to believe betting on a football game is really just trading a contract, the same way a fellow might insist his backyard poker night is a shareholder meeting. The company's own lawyer admits its underage-user complaint would apply just as well to its rivals, then asks the state to go easy on it until it sues those rivals too. That is not a legal defense, that is asking the sheriff to arrest the whole block before he arrests you.

Source: Read the original at Michigan Advance → Scored: Circus of Freaks · Kevin MacLeod · CC BY 4.0

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