6th Circuit Denies Kalshi Preliminary Injunction Request
In an unpublished opinion released on April 24 in case #26-3196, the 6th Circuit Court of Appeals upheld the district court’s denial of Kalshi’s preliminary injunction request. The Ohio Casino Control Commission issued a cease-and-desist letter to Kalshi in March 2025, finding Kalshi in violation of Ohio’s gambling laws. Kalshi sued the Ohio Casino Control Commission and the federal district court denied Kalshi’s request for a preliminary injunction last month.
In rendering its decision, the 6th Circuit noted that there have been splits among the courts across the United States on the issue. For purposes of its decision, the court assumed, without deciding based upon the legal merits, that Kalshi’s products were swaps. Given the extraordinary nature of a preliminary injunction, and the high burden of the moving party, the 6th Circuit ruled that Kalshi had not met its burden at this point of showing a likelihood to succeed.
The court noted that it found the likelihood of success a close call and therefore ordered the appeal of the merits to be expedited, with briefing to be completed by June 4 and assignment to a panel on the merits as soon as practicable.
House Committee on Agriculture’s Hearing to Receive Testimony from CFTC Chairman Selig
On April 16, 2026, the House Committee on Agriculture conducted a hearing to elicit testimony from Michael S. Selig, presently the only sitting Chairman of the Commodity Futures Trading Commission (“CFTC”). Chairman Selig underwent multiple hours of questioning from Committee Members to discuss the CFTC’s agenda moving forward. Repeated points of emphasis included full, bipartisan staffing of the CFTC; appropriateness of certain contracts to be listed for public trading and sanctions for bad actors; and intrusion on state and tribal sovereignty.
In his opening statement, Chairman Selig stated that the CFTC “needs full, stable funding” and staffing to fulfill their regulatory role and hold bad actors accountable. Throughout his questioning, Chairman Selig emphasized the CFTC’s “zero tolerance policy” for “fraud, manipulation, and abuse.” Within the “broad” delegated authority Chairman Selig asserts the CFTC holds, he committed to support responsible innovation and protect participants while identifying gaps that may need to be supplemented by legislation.
Staffing
Ranking Member Craig noted a 20% reduction of CFTC staff in recent years and alleged that CFTC budget requests do not reflect increasing their capacity beyond three additional staff members. Because of this, Ranking Member Craig, as well as other Committee Members, raised concerns regarding the CFTC’s ability to keep up with the fast-paced nature of prediction markets. In response, Chairman Selig highlighted the CFTC’s utilization of ai programs to streamline their oversight and increase productivity, despite the smaller staff.
Futures Contracts
Committee Members also pointed to how prediction markets could generally pose risks to “consumer protection, market integrity, and the stability of the financial system.” Mr. Costa, through his questioning, referred to future contracts as “gambling by another name.”
Beyond the mere framework of prediction markets themselves, Committee Members also questioned the appropriateness of certain futures contracts to be listed for public trading. Committee Members referenced hot-topic issues that have dominated recent headlines, including oil prices and war in the middle east, among others. In his closing remarks, Mr. Costa equated bets on war to “profiting on tragedy.”
Sovereignty
Numerous Committee Members raised concerns related to how prediction markets could undermine Tribal sovereignty. Mr. Costa first raised the issue as well as his concern for state governments who have rejected online gambling, like California. Later, Ms. Salinas inquired whether prediction markets’ lack of geofencing impacts the Indian Gaming Regulatory Act.
Mr. Vasquez explicitly called out to the Indian Gaming Association, urging Chairman Selig and the CFTC to work with them while undergoing their rulemaking processes to protect Tribal sovereignty. Mr. Vasquez also called out to state regulatory bodies and emphasized their authority to regulate gambling within their jurisdiction. Notably, as part of his presentation, he utilized a visual aid of a board with two sets of betting lines, from which Chairman Selig could not distinguish the commercial bookmaker from the prediction market.
Michigan Tribal Gaming Annual Report for 2025
The Michigan Gaming Control Board “MGCB” has released the State of Michigan’s 2025 Tribal Gaming Annual Report, concerning tribal class three gaming activities, oversight, and state led revenue sharing.
Tribal Gaming Revenue and Payments
Twelve Michigan tribes operate twenty-four class three casinos on their reservation land. The tribes collectively contributed approximately $30.6 million to local units of state government and local revenue sharing boards representing two percent of net win of the total revenue. Three Michigan tribes contributed $15.4 million to the Michigan Strategic Fund, where the percentage of net win paid ranges from one percent to twelve percent.
$30.6 million contributed is a slight increase from last year’s report, where in 2024 it was $30.4 million. The payments to the MEDC/MSF last year totaled roughly $39 million, where this year there was a decrease of around $24 million. This is largely attributed to The Nottawaseppi Huron Band of the Potawatomi beginning to withhold payments to the MEDC/MSF on February 02, 2026, for the 2025 reporting period.
MGCB Approves bet365 Launch in Michigan
On April 17, 2026, the Michigan Gaming Control Board (“MGCB”) approved the launch of bet365 as a new internet gaming and sports betting platform provider in Michigan. The company will operate in partnership with the Little Traverse Bay Bands of Odawa Indians, which runs Odawa Casino in Petoskey.
bet365 replaces PokerStars, which recently exited the Michigan market. According to the MGCB press release, bet365 has met all licensing and compliance requirements necessary to begin offering online gaming and sports betting services in the state.
The approval allows bet365 to provide its platform under the Tribe’s license, expanding options for Michigan players while maintaining the state’s regulated gaming framework. According to MGCB Executive Director Henry Williams, the decision reflects the agency’s continued focus on ensuring integrity, transparency, and consumer protection across the industry.
Michigan iGaming and Online Sports Betting Market Reaches $372.1 Million in March
According to the Michigan Gaming Control Board (“MGCB”), Michigan’s online gaming and sports betting market continued its strong momentum in March 2026, generating a combined $372.1 million in gross receipts. This marks a significant increase from February and reflects continued growth across both sectors.
Internet gaming remained the primary driver, producing a record-setting $322.1 million for the month. Online sports betting also delivered solid performance, contributing $50.0 million in gross receipts. Adjusted gross receipts totaled $341.8 million, with both iGaming and sports betting showing notable gains month-over-month and year-over-year.
Player activity also increased, with total online sports betting handle reaching $485.1 million in March, a sizable jump from the previous month.
The state benefited from this growth, collecting $66.4 million in taxes and payments, the vast majority coming from iGaming. In addition, Detroit casinos contributed $16.1 million in wagering taxes and municipal fees to the city, while tribal operators reported $8.2 million in payments to their governing bodies.
Michigan’s regulated market continues to expand, with 15 authorized operators currently offering iGaming and most also providing online sports betting. The latest figures highlight the strength of the state’s online gaming industry and its ongoing contribution to state and local revenues.