Case 4:25-cv-14092-SDK-KGA ECF No. 29-1, PageID.506 Filed 01/26/26 Page 17 of 32
Tribal Operators. 8 As of November 2025, the Michigan Tribes have contributed more than $1 billion in gaming revenue to the State through the Michigan Strategic Fund or the Michigan Development Corporation, and more than $680 million in gaming revenue to local governments within the State. 9 Additionally, the regulatory relationship between the Michigan Tribes and State ensures the protection of consumers. For example, this system prohibits anyone under the age of 21 from placing sports bets and includes stringent problem-gambling measures to protect the public more broadly. See , e.g. , MCL §§ 432.403(e), 432.412. Further, Michigan’s regulations prohibit the “[m]isuse of inside information” as a type of “[s]uspicious wagering activity.” Mich. Admin. Code R. §§ 432.711(w)(iii), 432.743(4). 10 8 See Internet Sports Betting Revenue and Tax/Payments – 2025 , Mich. Gaming Control. Bd. (Dec. 15, 2025), https://www.michigan.gov/mgcb/- /media/Project/Websites/mgcb/Detroit-Casino-Revenue-Files/Internet-Sports- Betting---2025.xlsx?rev=f95184e0bc4e4455863d6a7a670d4d95&hash= C95F8DB1934A80F0DF7A517B70E4603D. 9 Tribal Casino Revenue Sharing Payments , Mich. Gaming Control Bd. (last visited Jan. 24, 2026), https://www.michigan.gov/mgcb/tribal-casinos/tribal- casino-revenue-sharing-payments. 10 Contrast this regulation with remarks made by Coinbase CEO Brian Armstrong at the end of last year encouraging insider trading: “If your goal is actually for the 99 percent of people trying to get signal about what’s going to happen in the world—like, ‘Is the Suez Canal going to be reopened?’ or whatever—you actually want insider trading.” Will Gottsegen, The Polymarket Bets on Maduro Are a
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