La Liga's Osasuna reportedly hedged relegation risk with €1.2M Kalshi bet
La Liga club Osasuna reportedly hedged its relegation risk with a €1.2 million position on CFTC-regulated prediction-market platform Kalshi, according to Semafor via Protos. The bet, characterized as an insurance policy against dropping to a lower division, was made by the club's owner. Susquehanna served as the counterparty and reportedly profited more than $1 million from the deal, per NS3.AI via Binance. The reports bring insider sports-team hedging into the regulated prediction-markets spotlight, illustrating a novel use case for event contracts beyond retail speculation. Separately, in April, the North American arm of La Liga announced a partnership with Polymarket to provide fan engagement opportunities.
Kalshi's regulated market is now being used by sports-team insiders for direct financial hedging, not just fan speculation. That use case could attract institutional counterparties like Susquehanna into sports event contracts at scale, even as leagues and tribal nations fight Kalshi's sports offerings in court.