The Spanish La Liga club Osasuna confirmed on June 8 via its official website that the club, through broker Howden,投入 €1.2 million in the Kalshi prediction market, with a payout of €6 million if it is relegated from La Liga, to offset the financial losses caused by relegation.
Osasuna’s Confirmation Statement: Howden, La Liga Documents, and Regulatory Disclosure
Based on Osasuna’s public statement, the club characterized the transaction as an “insurance policy” to hedge the financial risk of relegation, citing documents issued by Howden and the La Liga league, and confirming that “clubs and sports organizations typically use this kind of policy to guard against financial surprises related to their business activities.”
Osasuna added that the purchase of the policy had been reported to the chair of the club’s supervisory committee, and will be included in the report the committee plans to release in the coming days; the club’s auditors have also been informed. The relevant documents issued by Howden did not mention Kalshi or any trading company.
Spain Prediction Market Ban: Confirmed Timing and Regulatory Basis
According to Protos, three days after Osasuna’s matches ended, the Spanish government announced a temporary ban on prediction markets such as Kalshi and Polymarket operating in Spain for 3 to 4 months, on the grounds that they had not obtained gambling licenses and were operating gambling activities in Spain without authorization.
Whether prediction markets constitute gambling at the regulatory level remains disputed. Similar regulatory challenges have also appeared in other markets: in April, Brazil banned Kalshi and Polymarket for violating gambling regulations; South Korean police are investigating alleged illegal gambling activities by Polymarket users; and legal cases across the United States continue to debate their regulatory status.
FAQ
Does Osasuna’s purchase of relegation insurance via Kalshi comply with La Liga’s rules?
In its statement, Osasuna cited documents issued by Howden and the La Liga league, saying that such policies are “frequently used” among clubs and sports organizations, and confirmed that the relevant situation has been reported to the club’s supervisory committee. As of the time of reporting, La Liga and Spain’s football regulatory authorities had not issued an official statement on this matter.
What does it mean that Susquehanna, as the counterparty, profited more than $1 million?
In this transaction, Osasuna paid the premium (€1.2 million) in exchange for receiving a payout of €6 million if it is relegated; Susquehanna, as the counterparty, collected the premium paid by Osasuna in the event that Osasuna successfully avoided relegation, earning more than $1 million in profit. This structure is similar to the logic of financial options buyers and sellers.
Is the Spain ban directly related to the Osasuna case?
According to Protos, the timing of the Spanish government’s ban coincided exactly three days after Osasuna’s match ended. However, the official reason from Spain’s Ministry of Consumer Affairs is that Kalshi and Polymarket have not obtained gambling licenses and were operating without authorization in Spain. The official statement did not mention any direct link to the Osasuna case.
