Michigan Judge Blocks Kalshi Sports Bets and Threatens $500,000 Daily Fine

A Michigan judge has barred prediction-market platform Kalshi from offering sports betting contracts in the state and warned that it could face a $500,000 daily fine. The order described Kalshi’s sports-betting operation as “masquerading as an investment opportunity,” according to Decrypt. The ruling adds regulatory pressure to Kalshi’s efforts to offer event-based contracts tied to sports outcomes. The supplied report does not provide further details on the judge, the scope of the order, or when the threatened penalty would take effect. Kalshi is a prediction-market platform, while the order specifically concerns its sports-related bets. The development is relevant to market participants tracking the legal and regulatory treatment of event contracts and platforms that offer them.