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Polymarket US has agreed to stop offering new sports event contracts to Michigan customers this week.
It is the fourth prediction markets operator to pull sports contracts out of the state, joining Kalshi, Robinhood and Coinbase.
Polymarket’s Michigan Positions Must Close by Nov. 25
Remaining open positions must close by the end of the day Nov. 25.
Michigan agreed not to take enforcement action against the company while it complies with the stipulation. Polymarket notified customers by email on Monday.
The agreement follows months of litigation. Polymarket sued Michigan officials in federal court in March to block enforcement of the state’s gaming laws. The court denied its request for a temporary restraining order that month and its preliminary injunction motion in June. Its appeal remains pending before the Sixth Circuit Court of Appeals.
In September, the Michigan Department of Attorney General warned the company that continued sports contract offerings to Michigan residents would prompt legal action.
Michigan Restrictions Extend Across Four Platforms
“Polymarket joining Kalshi, Robinhood, and Coinbase in stepping back from these unlicensed sports contracts shows that Michigan’s approach is working,” Michigan Gaming Control Board Executive Director Henry Williams said.
Michigan sued KalshiEX in March, alleging its sports contracts violate the Lawful Sports Betting Act. Judge Rosemarie Aquilina issued a temporary restraining order in June and converted it to a preliminary injunction on Sept. 1. Violations of Kalshi’s geofencing requirement carry a $500,000 daily fine.
Robinhood Derivatives agreed to stop offering new sports contracts in Michigan by the end of Sept. 9 and close remaining customer positions by Oct. 9. Its stipulation covers contracts traded on any designated contract market, including Kalshi and Rothera Exchange and Clearing.
Coinbase Financial Markets agreed to halt new sports contracts and close open positions by Oct. 10, following a federal court’s denial of its preliminary injunction request in August.
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- Michigan Seeks Contempt Finding Against Kalshi Over Alleged Ad Violations
- Coinbase Agrees To Shut Down Sports Predictions In Michigan
- Michigan Sends 33 C&D Letters to Offshore Gambling Sites
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Source: As reported by SBC Americas.
