Kalshi previously said it had been placed in an “impossible position” after federal authorities directed the company to ignore a Michigan restraining order issued in June.
Update (Sept. 3, 9:20 pm UTC): This article has been updated to include a statement from Kalshi.
Michigan’s attorney general announced that a state court had ordered a preliminary injunction against Kalshi, blocking the prediction markets platform for residents amid what officials called “sports betting [...] masquerading as an investment opportunity.”
In a Wednesday notice, Attorney General Dana Nessel said that the Circuit Court for the 30th Judicial Circuit in Ingham County approved an order blocking Kalshi from offering event contracts to state residents. The company could be fined up to $500,000 per day for violations.
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