Osasuna Denies $7 Million Kalshi Bet, Calls Relegation Cover Standard Insurance

1 articles · Updated · Semafor · Jun 9

$7 million in relegation-risk coverage was arranged by Osasuna through broker Howden, with the club saying its contract was a standard insurance policy and not a wager.
Osasuna said its documents mentioned neither Kalshi, Greenlight Commodities nor any later transfer, reinsurance or hedging of the risk, and it had no direct relationship with any prediction-market platform.
LaLiga was consulted and kept informed throughout the transaction, the club said, as scrutiny grew over whether a team can hedge against its own poor performance without effectively betting on it.
The dispute has sharpened a broader debate over prediction markets: unlike traditional insurance, they do not require an insurable interest, a safeguard meant to separate legitimate hedging from speculation.