Robinhood Markets has formed an agreement with the Michigan Gaming Control Board (MGCB) to pull its sports-related event contracts until litigation regarding prediction markets legality across the state has been decided upon.
“This agreement is another win for Michigan consumers. Sports wagering products should only be offered by operators who are licensed, regulated and held accountable under Michigan law,” MGCB Executive Director Henry Williams said.
“We’re pleased Robinhood has agreed to step back from offering these unregulated products while the courts continue to sort out the broader legal questions, and we’ll keep working with the Attorney General’s office to make sure Michigan consumers are protected.”
Currently – Robinhood, Coinbase and Kalshi are awaiting rulings from the US Court of Appeals for the Sixth Circuit, while Attorney General Dana Nessel was recently granted a second preliminary injunction against Kalshi to forbid sports-related event contract trading.
“Throughout this litigation, our priority has been protecting Michigan consumers from exploitative practices and ensuring betting in our state remains fair and regulated,” Nessel said.
“I am proud of the dedicated attorneys in my office for securing an agreement that protects Michiganders while our case moves forward.”
Robinhood will close out any remaining customer positions by October 9 following the court-approved agreement, becoming the second operator after Kalshi to officially withdraw sports-related event contracts from Michigan.
The agreement runs until a final verdict is issued by the Sixth Circuit Court, although Robinhood will continue offering Michigan residents access to its broader prediction markets hub.
On September 8, Robinhood Markets formed a new multi-year collaboration with Crypto.com and the operator’s OG.com prediction markets entity, integrating the platform’s event contracts while also acquiring minority positions in both organizations.
Event contracts from OG.com will become available on Robinhood’s mobile application, although financial details of the operator’s respective investments in OG.com and Crypto.com have yet to be released.
Robinhood introduced pre-set combinations on the outcome, totals and spreads of individual NFL games in December, directly competing with offerings seen on traditional sports betting platforms
