Michigan Judge Bars Kalshi Sports Bets, Threatens $500K Daily Fine
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Kalshi's application for a preliminary injunction in the Southern District of New York was rejected by the judge, and the case will now proceed to the motion for dismissal stage.
According to Foresight News , crypto journalist Eleanor Terrett tweeted that Judge Analisa Torres, who presided over the Ripple case, has once again become the focus of a major legal dispute. In the case of prediction market platform Kalshi in the Southern District of New York (SDNY), Judge Torres rejected Kalshi's application for a preliminary injunction, arguing that New York State betting laws apply to Kalshi's sports event contracts and that this law has not been superseded by the Commodity Exchange Act. This ruling means the case will enter the "motion to dismiss" stage. Legal experts have commented that this represents a major setback for Kalshi's lawsuit in the US financial center and could have a ripple effect on other related cases, particularly those in Connecticut and other SDNY jurisdictions.
The Massachusetts amended complaint alleges that Kalshi offered sports betting to users under the age of 21.
PANews reported on July 1st that, according to Cointelegraph, the Massachusetts Attorney General has received court approval to file an amended complaint against prediction market platform Kalshi, adding allegations that Kalshi targeted users under 21 years of age through social media and college campus marketing and failed to take effective measures to prevent their use of the platform. Kalshi allows individuals aged 18 and over to create accounts and place bets on sports events. The case began in September 2025, with state authorities accusing Kalshi of violating state law by offering sports betting. The CFTC previously filed a submission in Massachusetts asserting "exclusive jurisdiction" over prediction markets, with Chairman Michael Selig stating that "Congress has granted the CFTC the sole power to regulate the commodities derivatives market." Kalshi has not yet responded to requests for comment.
Michigan authorities continue pursuit to block Kalshi as Supreme Court fight looms
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.
Kalshi Ordered to Block Washington Bets Days After CFTC Backed It
A King County judge gave the exchange until August 19 to stop offering sports, election and politics wagers in the state.
Barstool Sports founder: Will hold Bitcoin until it's worth $0 after buying in for nearly $100,000.
According to Mars Finance, Dave Portnoy, founder of Barstool Sports, stated that he bought Bitcoin when it was close to $100,000 and will hold it until it reaches $0. He claimed that every time he sold Bitcoin, the price surged; every time he bought Bitcoin, the price plummeted, indicating that this is a classic case of market timing.
Kalshi becomes an official FIFA partner; CEO says there will be no IPO this year.
According to Foresight News , citing The New York Times, prediction market platform Kalshi announced on Friday that it has become an official FIFA partner through a branding and product agreement with existing FIFA World Cup prediction market partner ADI Predictstreet. Its brand will appear on advertising billboards at World Cup stadiums and in television and online broadcasts. A Kalshi spokesperson revealed that the platform's cumulative trading volume in the first two weeks of the World Cup reached nearly $10 billion, with peak daily trading volume exceeding $1.6 billion during the tournament, far surpassing the pre-tournament level of nearly $1 billion. Sources familiar with the matter indicated that, driven by this, Kalshi's annualized revenue has well over $2 billion. ADI Predictstreet, headquartered in Abu Dhabi, officially launched shortly before the start of this World Cup. Despite frequent advertising on stadium screens and broadcasts, its actual trading volume has been limited, with some events seeing bets of less than $20, according to a report this week by Front Office Sports. Under the terms of the partnership, Kalshi will direct international betting traffic to the ADI Predictstreet platform. In an interview with CNBC, Kalshi co-founder and CEO Tarek Mansour confirmed that the company is considering an IPO, but will not launch it this year, stating, "Given our financial situation and growth rate, such discussions are bound to happen." Previously, The Information, citing anonymous sources, reported that Kalshi had had informal contacts with investment banks regarding an IPO.