Robinhood withdraws sports event contracts from Michigan

Robinhood has agreed to withdraw its sports-event contracts from Michigan until the U.S. Court of Appeals for the Sixth Circuit rules on related cases involving Coinbase and Kalshi, as well as a state court case against Kalshi. The move follows a federal judge's order last week for Kalshi to stop offering its contracts by the end of Wednesday, as part of an agreement with state officials.

In a statement, a Robinhood spokeswoman said the company will restrict Michigan customers from entering new sports-related event contract positions starting Wednesday, while continuing to offer access to broader prediction markets. Michigan officials agreed not to enforce state sports betting laws against Robinhood during this period.

Ingham County Circuit Court Judge Rosemarie Aquilina ordered Kalshi to stop offering sports-event contracts for Michigan residents, noting the company's failure to comply with state gaming law gives it an unfair advantage over licensed operators.

Read the full story at cdcgaming.com.