A Michigan court has ordered a preliminary injunction against Kalshi, blocking the prediction markets platform for state residents. The company could face fines of up to $500,000 per day for violations. Michigan Attorney General Dana Nessel said that Kalshi attempted to pass itself off as a legitimate gaming operation in the state. The decision follows a June restraining order and a lawsuit filed by Michigan in March alleging the platform violates state sports gambling law. New Jersey simultaneously filed a petition with the US Supreme Court to determine jurisdiction over prediction markets between the CFTC and state authorities.
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