Osasuna reportedly bought a €1.2 million insurance policy tied to relegation that would have paid €6 million, but the club stayed up and Spain later blocked Kalshi and Polymarket over licensing issues.
Osasuna, a La Liga club, reportedly used a relegation-linked hedge to protect against the financial hit of dropping out of Spain’s top division. Protos reported that the club bought €1.2 million of insurance from broker Howden that would have paid €6 million if Osasuna had been relegated, echoing earlier Semafor reporting about a Kalshi-linked structure. Osasuna then lost its final match 0-1 but stayed up on goal difference, so the protection did not pay out. Spain later blocked Kalshi and Polymarket for 3 to 4 months over licensing issues, adding a regulatory twist to a case that has drawn attention for showing how event-linked contracts can be used to manage sports-related revenue risk.