Osasuna Denies Using Kalshi for Relegation Hedge, Cites Insurance

Spanish La Liga club Club Atlético Osasuna has denied allegations that it placed a €1.2 million wager on prediction market Kalshi to hedge against relegation. The club clarified that its risk management strategy involved an insurance policy, not trading on Kalshi.

A Semafor report had suggested that Osasuna traded millions on a relegation outcome via Kalshi. The reported position matched the insurance policy’s €1.2 million stake and €6 million payout, leading to speculation about the club’s activities.

Osasuna officials stated that the insurance policy was the sole mechanism used to mitigate financial risk from relegation. They emphasized that no direct transactions occurred on Kalshi, distancing the club from the prediction market platform.

The denial comes amid growing scrutiny of sports teams engaging with prediction markets, which regulators in some jurisdictions treat as gambling. La Liga has not commented on the matter.

This incident highlights the increasing intersection of sports finance and prediction markets, though Osasuna maintains its approach was purely insurance-based.