Coinbase agrees to halt Michigan sports event contracts under MGCB deal
Coinbase reached an agreement with the Michigan Gaming Control Board (MGCB) to stop offering sports event contracts in the state, the regulator announced on Wednesday. Coinbase agreed not to list any new sports markets and to close out all open sports trades by 12 a.m. Eastern Time on Oct. 10. The deal resolves a conflict between the crypto exchange's prediction-market products and state gaming regulators. The settlement pauses Coinbase's sports-linked event contracts in Michigan.
Coinbase becomes the second platform after Robinhood to retreat from Michigan sports contracts, turning a single-state skirmish into a copied playbook for gaming boards nationwide. Every new settlement becomes precedent the next state copies.
Coinbase traders now hold positions whose legality shifts with state borders rather than federal rules. The retreat forces Coinbase onto the same state-by-state battlefield as Kalshi and Polymarket, with each geofence narrowing the path back. Legal spend compounds across parallel cases faster than any single resolution.