In the Nevada Supreme Court, Kalshi lost an attempt a few days ago to stop a claim that it blocks its customers in the state from much of the platform’s trading activity. The dismissal signed by three state judges on Wednesday said they were “not convinced” by the company’s emergency case, and Kalshi could also face legal trouble for failing to geofence his business within a court-ordered deadline.
In Ohio, Kalshi sued the gaming regulator on Monday — following earlier parallel court arguments by the Commodity Futures Trading Commission — to halt Ohio’s penalty against the company on charges of running an unlicensed sports betting operation.
The next day, a local court in Michigan granted state gambling authorities a temporary two-week restraining order against Kalshi to prevent it from offering, advertising or facilitating sports betting there.
“Kalshi is targeting Michigan’s most vulnerable residents with sports betting disguised as investment — and without intervention, the damage will continue to get worse,” Michigan Gaming Control Board Executive Director Henry Williams said in a statement Tuesday.
On the bright side for prediction platforms: The CFTC and its pro-innovation chairman, Mike Selig, are aggressively trying to argue that Kalshi and the others fall under the agency’s sole jurisdiction as the U.S. derivatives regulator, arguing in its own lawsuits against several states that the contracts sold in the prediction markets, which can be bought in the future, are effective at purchase prices. changes.
