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Coinbase has agreed to stop offering new sports-related event contracts to Michigan customers and close any remaining open positions by Oct. 10, following similar restrictions on Robinhood and Kalshi.
The Michigan Gaming Control Board announced the agreement Oct. 7. The deadline is 12 a.m. Eastern on Saturday, Oct. 10, meaning Coinbase must complete the winddown as Friday, Oct. 9, ends.
Michigan has agreed to hold off on taking enforcement action against Coinbase as long as the company follows the agreement’s requirements and the related appeals remain ongoing.
Michigan customers face Oct. 10 deadline for open sports positions
The agreement includes sports contracts traded on KalshiEX and other designated contract markets.
Sports-event contracts let customers trade on outcomes such as whether a team will win a game.
Customers can ordinarily sell their contracts before a sporting event’s outcome is determined. However, the amount received from an early sale may differ from the original purchase price, so customers are not guaranteed to recover everything they spent.
Before the cutoff, account-holders should check any sports predictions that remain open, particularly those tied to later events.
To review open positions, customers can access the Predictions section on Coinbase’s Home tab, either in the app or through a web browser. Selecting an individual holding provides more information, including its current status, the outcome selected, the average purchase price, and the potential payout.
The MGCB announcement does not specify what prices Coinbase will use to close remaining positions or explain how that process will work for individual account-holders.
Customers with outstanding sports contracts should check notices in their Coinbase account or contact the company’s support team for instructions about their specific holdings.
Coinbase joins Robinhood and Kalshi in Michigan sports pullback
The latest agreement follows Robinhood’s September withdrawal. Robinhood agreed to stop offering new sports contracts to Michigan customers by the end of Sept. 9 and close any customer positions still open by Oct. 9.
That deal followed a preliminary injunction barring Kalshi from offering, listing, or facilitating sports-related event contracts for anyone located in Michigan.
Robinhood’s agreement preserved both sides’ legal arguments, allowing the company and the state to maintain their positions while the appeals continue.
Coinbase also asked a court for a preliminary injunction, but its request was denied in August.
The company appealed that ruling, although its appeal is currently on hold pending resolution of related appeals involving Robinhood, Polymarket, and Kalshi before the US Court of Appeals for the Sixth Circuit.
Agreement leaves dispute over sports wagering oversight unresolved
Michigan’s position is that sports-event contracts are sports wagering products that must be offered through operators licensed under state law. The companies challenging that oversight argue that their federally regulated contracts fall outside the reach of state gambling laws.
Coinbase’s arrangement does not settle the central question: whether Michigan can regulate event contracts registered with the Commodity Futures Trading Commission as gambling. The agreement preserves the parties’ rights and defenses while they await a final ruling from the Sixth Circuit or the US Supreme Court.
Michigan customers who want to place sports wagers still have licensed sportsbook options available in the state. The MGCB’s authorized provider list includes FanDuel, DraftKings, BetMGM, Caesars, Fanatics, and bet365, among others.
Readers can use the list to verify approved providers, identify their casino or tribal partners, and access direct links to their authorized sports betting websites.
