TLDR
- Osasuna took out a €1.2 million insurance policy paying ~€6 million if relegated from LaLiga
- The club says it had no knowledge of a bet placed on Kalshi prediction market linked to its relegation
- Insurer Howden passed the hedge through Game Point Capital, which used Greenlight Commodities to place the Kalshi position
- Osasuna narrowly survived relegation after losing its final match
- Industry figures say relegation insurance is common practice in football
Osasuna Denies Betting Against Itself After Kalshi Relegation Trade Surfaces
Spanish football club Osasuna has pushed back against reports suggesting it placed a bet against its own survival in LaLiga.
The club confirmed it had taken out a €1.2 million insurance policy with British insurer Howden. That policy would have paid out roughly €6 million if the club was relegated.
Osasuna said the policy was a financial safeguard, not a wager. It was designed to protect the club if the worst outcome happened.
The story broke after a Semafor report claimed “a soccer team bet against itself,” describing how unnamed owners had placed a multimillion-dollar position on prediction market platform Kalshi tied to their own relegation.
How the Trade Reached Kalshi
Osasuna says its involvement ended when it signed the insurance contract with Howden.
From there, Howden passed the risk to Game Point Capital, a firm that helps professional sports teams manage financial exposure. Game Point then went to Greenlight Commodities, which placed a position on Kalshi mirroring the original €1.2 million policy.
The club says it had no knowledge of any of that.
In a statement to Semafor, Osasuna said: “The club’s involvement in this matter was limited to the contracting of that coverage with Howden… Osasuna has no knowledge of, nor participation in, any arrangements that may have been carried out by third parties.”
The club added it had no direct relationship with Kalshi or any similar platform.
Is Relegation Insurance Normal?
Game Point’s chief executive Will Hall says this kind of hedging is more common than people think.
“No one bats an eye when teams hedge against winning, even though that’s still a financial risk management tool,” he told Front Office Sports.
Hall said his firm works with professional and college teams across the United States and believes more teams and leagues should use similar tools.
LaLiga itself has described such insurance policies as “common instruments” used to guard against financial risks tied to on-pitch performance.
Others in the industry backed that view. A longtime investment banker called it “a very common sense thing to do.” A European club owner said it “happens more than we realize” and praised Osasuna for handling it properly.
Similar cases have come up before. Borussia Dortmund reportedly took out a three-year insurance policy against missing Champions League qualification back in 2015.
Osasuna narrowly avoided relegation despite losing its final match of the season. The club is now focused on distancing itself from any suggestion it acted against its own interests on the pitch.
The club has not faced any formal investigation or disciplinary action as of the time of this report.
