La Liga team bets millions on Kalshi to hedge against relegation risk

Odaily Planet Daily News: A Spanish La Liga football club faced relegation risk before the final match of the season. To hedge against the loss of ticket and broadcasting revenue caused by relegation, the club's owners bet millions of dollars on the prediction market Kalshi, wagering on their own relegation.

Ultimately, the club lost the final match 1-0 but still managed to avoid relegation. Sources revealed that the counterparty for this trade was quantitative trading firm Susquehanna, which profited over $1 million from the transaction. The deal was facilitated by Game Point Capital, an institution that assists professional and college teams in risk management, with brokerage services provided by Greenlight Commodities. (semafor)