Coinbase Financial Markets is set to stop offering sports-related event contracts to customers in Michigan at the start of Oct. 10, according to an agreement announced by the Michigan Gaming Control Board on Oct. 7. Any open positions held by Michigan customers are due to be closed by 12 a.m. ET that day.
The change makes Coinbase the third platform to retreat from Michigan’s sports prediction market activity, following earlier pullbacks by Kalshi and Robinhood. State officials framed the move as part of a broader effort to bring sports betting activity into line with Michigan law.
Michigan sets deadline for Coinbase customers
Under the agreement, Coinbase customers in Michigan can trade sports prediction markets only until the first minute of Saturday, Oct. 10. After that point, Coinbase Financial Markets will no longer offer new sports-related event contracts in the state.
The restriction also covers sports event contracts traded on Kalshi that were available through Coinbase Financial Markets. The Michigan Gaming Control Board said remaining customer positions must be closed out by the deadline.
State officials describe broader enforcement push
Michigan Attorney General Dana Nessel said the agreement reflects coordinated action between her office and the Gaming Control Board. In a statement, she said those efforts were sending a message to what she described as the illegal sports betting industry.
Nessel added that Michigan intends to bring “all sports betting into compliance with the law,” whether through negotiated agreements or court orders. Henry Williams, executive director of the Michigan Gaming Control Board, said operators were stopping these activities because they faced significant legal consequences if they continued to offer them in the state.
Coinbase joins Kalshi and Robinhood
With this step, Coinbase becomes the third platform identified as pulling back from Michigan’s sports-related prediction market business. The source article says Kalshi and Robinhood had already stepped back before the Coinbase agreement was announced.
The article also notes that Kalshi faces a potential $500,000 daily fine if it violates a court order. No comparable penalty was cited in the report for Coinbase as part of the newly announced agreement.
What is confirmed next
The next confirmed milestone is the effective cutoff at 12 a.m. ET on Oct. 10, when Coinbase Financial Markets is expected to stop offering sports event contracts to Michigan users and close any remaining open positions.
At the time of the report, Coinbase had not publicly commented on the agreement. Beyond the deadline and the statements from Michigan officials, no additional steps or public response from the company were included in the source material.
Source: news.bitcoin.com