Coinbase to Cease Sports Event Contracts in Michigan
- Coinbase will end sports event contracts in Michigan by Oct. 10, closing all open positions by midnight ET.
- Kalshi faces a $500,000 daily fine if it violates a court order to geofence Michigan users.
- Robinhood previously agreed to halt new sports contracts and close remaining positions by Oct. 9.
- Michigan’s actions aim to bring all sports betting into legal compliance, according to the state Attorney General.
- A federal judge in Chicago blocked parts of Illinois’ gambling law on Oct.2 in a case led by Coinbase.
Coinbase is the third platform required to stop offering sports-related event contracts in Michigan due to legal pressures from the state’s Gaming Control Board and Attorney General’s office. This move follows similar actions against Robinhood and Kalshi as part of efforts to regulate online sports betting activities within state boundaries.
The compliance deadline for Coinbase is set for October, marking a significant step in Michigan’s enforcement of its gaming regulations against platforms like Coinbase, which have been operating under mixed legal outcomes across various states.(Source)
