Svmuu reported that a Spanish La Liga football club faced the risk of relegation 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 millions of dollars in bets on the prediction market Kalshi, wagering on the club's own demotion.
Ultimately, the club lost the final match 1-0 but still managed to avoid relegation. According to sources, the counterparty to the trade was quantitative trading firm Susquehanna, which profited over $1 million from the deal. The transaction was facilitated by Game Point Capital, an institution that assists professional and college sports teams in managing risk, with brokerage services provided by Greenlight Commodities. (semafor)