A Spanish football club at the center of a prediction market controversy has denied placing a nearly $600,000 bet on Kalshi to hedge against the financial hit of dropping to a lower tier in one of the world’s top soccer leagues—a fate that hinged on the outcome of a single match.
Club Atlético Osasuna came under the spotlight after Semafor reported that it had bet against itself as a way to offset economic losses that come with relegation, a term that refers to a team being demoted to an inferior league. Osasuna was set to play against Getafe FC on May 23 as part of LaLiga, Spain’s top professional soccer league. If it lost, its ranking—and broadcasting revenues—would suffer.
