Club Atlético Osasuna Denies Kalshi Betting, Confirms Relegation Insurance Purchase

Club Atlético Osasuna has denied taking part in any trading on prediction market platform Kalshi after reports said a Kalshi contract linked to the club saw trading volume rise to about $591,600, prompting speculation about hedging relegation risk for the 2025–2026 season. According to Odaily, the club said it has never placed bets on Kalshi or any similar platform and confirmed it purchased about 1.2 million euros in relegation-risk insurance through insurance broker Howden. Kalshi said the situation more closely resembles a redistribution of traditional insurance risk within prediction markets, with the insurance broker conducting hedging rather than the club directly trading. Kalshi added that the structure functions similarly to a reinsurance mechanism. Odaily reported that despite losing a key match, Osasuna ultimately avoided relegation because rivals failed to overtake the club on points. Separately, Spain’s Ministry of Consumer Affairs has opened a regulatory investigation into Kalshi and Polymarket and has sought temporary blocking of the platforms on the grounds of operating without a license, while stating the action is not directly related to the Osasuna matter.