Kalshi restraining order halts Michigan sports prediction markets

Kalshi restraining order stalls Michigan sports prediction market

The Michigan court issued a ↓ 14 days restraining order on April 15, effectively freezing Kalshi’s sports‑prediction exchanges within the state. Reuters reported that the injunction stems from an ongoing jurisdictional clash between the Commodity Futures Trading Commission and state regulators over who can license binary‑outcome platforms.

“The state will not tolerate unlicensed wagering activities,” a Michigan Department of Licensing spokesperson said.

Kalshi, a CFTC‑registered exchange, argues that its products are financial contracts, not gambling, and has appealed the decision. The move adds pressure to a sector already grappling with fragmented oversight, as other states contemplate similar actions. Analysts at Bloomberg note that the order could delay market entry by several months, eroding projected revenue streams.

Correction: An earlier dispatch misstated the date of the order as April 12; the correct date is April 15.

Reported by Arthur Sterling (Macroeconomics Editor).