Michigan Attorney General Dana Nessel has sued the parent company of Kalshi, the so-called prediction market platform that allows users to place wagers on future events.
In a lawsuit filed Tuesday, March 3, in Ingham County Circuit Court, Nessel’s office alleged Kalshi has circumvented Michigan’s gambling laws by offering users to trade contracts based on whether specific events will happen. The complaint argues Kalshi acts and operates like a gambling platform and should be subject to the same state laws that online gaming apps are.
Michigan isn’t the first state to sue Kalshi, with nine others bringing litigation against the platform so far, according to Yahoo Finance. Kalshi officials have argued across other lawsuits that it’s an exchange market, not a gambling site, since it offers commodity exchange regulation.
