La Liga team Osasuna hedges relegation risk through Kalshi, purchasing approximately $1.4 million in related insurance

June 9 — Spanish La Liga soccer club Osasuna hedged its financial risk of being relegated from the top-flight league using the Kalshi prediction market, according to a report from Protos. Osasuna purchased a €1.2 million (roughly $1.4 million) policy tied to Kalshi’s platform, and the club confirmed this week it had bought a "relegation insurance" product from broker Howden. The contract would pay out €6 million (about $6.9 million) if Osasuna were sent to Spain’s second division, to help offset financial losses from the drop. Documents from Howden and La Liga confirm these types of risk-mitigation policies are common for pro sports clubs and organizations to cover business-related contingencies. Earlier, Semafor reported an unnamed Spanish soccer club had placed a multimillion-dollar bet via Kalshi to guard against relegation-related financial hits. In the final match of the season, Osasuna lost 1-0, but secured its La Liga spot thanks to a better goal differential. As a result, the club lost the premium it paid to Kalshi — but kept its top-flight status. Trading firm Susquehanna was the counterparty to the relegation risk transaction, reportedly earning over $1 million in profit, with risk analytics firm Game Point Capital assisting in arranging the deal. Osasuna’s official statement did not name Susquehanna or Game Point Capital, only referencing broker Howden. Complicating matters: Three days after Osasuna’s final match, the Spanish government temporarily banned prediction markets such as Kalshi and Polymarket from operating in the country for 3 to 4 months, citing a lack of required gambling licenses and unauthorized operation in Spain.