A La Liga team placed a multi-million dollar bet on Kalshi to hedge against relegation risk

Odaily Planet Daily News: A La Liga football club faced relegation risk before the final match of the season. To hedge against the loss of ticket and broadcasting rights revenue that would result from relegation, the club's owner placed a multi-million dollar bet on the prediction market Kalshi, wagering on their own relegation.

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