Coinbase to End Michigan Sports Event Contracts by Oct. 10 Under State Agreement

Coinbase Financial Markets has agreed to close all open sports-related event contract positions held by Michigan customers by 12 a.m. ET on Oct. 10, 2026. Under a stipulation with the Michigan Gaming Control Board, the company will also stop offering new sports-related event contracts in the state by that deadline. The MGCB said the arrangement covers new contracts Coinbase offers in Michigan, including those traded on KalshiEX and other designated contract markets.

Michigan agreed not to pursue enforcement action against Coinbase while the company complies. That commitment continues while related appeals proceed before the US Court of Appeals for the Sixth Circuit. The stipulation does not resolve the underlying legal dispute. In August, a court denied Coinbase's request for a preliminary injunction, and Coinbase appealed. That appeal has been stayed until appeals involving Robinhood, Polymarket and Kalshi are resolved.

The regulator has described prediction market operators as unlicensed providers of sports wagering products presented as federally regulated. Michigan previously reached a near-identical agreement with Robinhood Derivatives and obtained a state-court preliminary injunction against Kalshi. The question of whether Michigan may regulate event contracts registered with the Commodity Futures Trading Commission as gambling remains open. All parties retain their rights and defenses until the Sixth Circuit or the US Supreme Court issues a final ruling. MGCB Executive Director Henry Williams said Coinbase joined Robinhood and Kalshi in stepping back, while Attorney General Dana Nessel said the state aims to bring all sports betting into compliance.