Spanish football club Osasuna attempted to hedge the impact of its relegation from the country’s top football league by buying a €1.2 million ($1.4 million) insurance policy involving a bet on the prediction market Kalshi.
The club revealed today that it purchased “insurance” from broker Howden, which would’ve guaranteed it €6 million ($6.9 million) in the event of relegation from La Liga and helped cover any subsequent financial losses.
It said, “Documents issued by Howden and LaLiga… confirm that such policies are routinely used by clubs and sports organizations to protect against financial contingencies related to their activity.”
This comes four days after Semafor reported that an unnamed Spanish football club placed a multi-million-dollar bet using Kalshi to hedge financial losses from relegation.
Osasuna lost its final game against Getafe 0-1. However, the goal difference was just enough to save the club from relegation. As a result, it lost the Kalshi bet but maintained its top-flight status.
...read more at protos.com
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It's important to say that this is one of the best managed teams in Spain, if we consider a financial point of view.
I suppose they have to go indirectly otherwise through an insurance provider otherwise they would be violating league rules essentially gambling on themselves to lose.
yes!
That's crazy, predictions for the wi..... Oh wait