Key Moments:
- Kalshi has withdrawn its plan to launch markets tied to NCAA athlete transfer decisions, following strong backlash.
- NCAA President Charlie Baker called these markets “absolutely unacceptable” due to concerns over pressure on student-athletes.
- Kalshi emphasized its federally regulated status and outlined safeguards against insider trading and misuse.
Pushback Halts Kalshi’s NCAA Transfer Portal Contracts
Prediction market platform Kalshi has decided to retract its proposed event contracts allowing trades on whether individual college athletes would enter or leave the NCAA transfer portal. This action came swiftly after significant resistance from the NCAA and widespread criticism throughout the sports and gambling sectors.
Regulatory Filing Spurs Strong Reaction
According to filings, Kalshi sought self-certification for these event contracts with the Commodity Futures Trading Commission (CFTC), planning for launch on December 17. The contracts would have permitted speculation on the transfer activity of named student-athletes, sparking immediate condemnation from the NCAA. Citing risks to both players and the integrity of collegiate sports, officials expressed concerns that such markets would exert additional pressure on student-athletes.
NCAA Responds Decisively
NCAA President Charlie Baker strongly denounced the initiative, stating, “The @NCAA vehemently opposes college sports prediction markets. It is already bad enough that student-athletes face harassment and abuse for lost bets on game performance, and now Kalshi wants to offer bets on their transfer decisions and status — this is absolutely unacceptable…” — Charlie Baker (@CharlieBakerMA), December 18, 2025.
Baker added, “It is already bad enough that student-athletes face harassment and abuse for lost bets on game performance,” continuing, “Their decisions and future should not be gambled with, especially in an unregulated marketplace that does not follow any rules of legitimate sports betting operators.” The NCAA confirmed it had no further remarks to add.
Company Reconsiders Following Criticism
In response to the public outcry, Kalshi announced that it would not proceed with these athlete-focused contracts. In a statement provided to the media by ESPN’s David Payne Purdum, Kalshi explained, “We certify markets all the time that we do not end up listing; despite our competitors having these markets live, we have no immediate plans to list these contracts.”
The planned contracts would have been determined by whether a player, during a set period, entered or left the NCAA portal, using sources such as NCAA portal data, school statements, verified social media, and reporting from national outlets. Kalshi specified that official player statements would count as confirmation, but media speculation would not.
Compliance Measures and Regulatory Position
Kalshi had outlined trading restrictions for those with any non-public or inside information, including players, coaches, staff, agents, and family members. Addressing regulatory concerns, Kalshi told SiGMA News: “It’s inaccurate to say we are unregulated. We are a federally regulated exchange, governed by the Commodity Exchange Act and its hundreds of regulations. We as a company also have comprehensive internal policies to address trading integrity and responsibility issues, including in-house and third-party surveillance systems that monitor trading activity. We run Know-Your-Customer checks on everyone who trades on our platform.”
The firm further highlighted the distinction between its platform and traditional betting: “Kalshi works like the stock market instead of like a casino. In casinos, the house always wins. With Kalshi, there is no house. We don’t win when our customers lose,” according to a spokesperson.
NCAA Raises Concerns Over Branding and Language
The controversy follows prior disputes over Kalshi’s communication practices. In November, the NCAA requested that Kalshi refrain from implying any formal association. NCAA Senior Vice President and Chief Legal Officer Scott Bearby objected to Kalshi’s phrase “Outcome verified from NCAA,” which linked to NCAA.com, warning it could mislead the public. The NCAA asked that the language be revised to “Outcome sourced from NCAA.com,” along with a disclaimer clarifying no formal affiliation. Kalshi reported it was working to address these changes.
Varying Responses Across Sports Leagues
Unlike the NCAA, the National Hockey League (NHL) entered an official partnership with Kalshi and competitor Polymarket, granting use of official NHL data and branding in October 2025. Kalshi also maintains a media partnership with NFL on FOX, although the NFL and the NFL Players Association have recently confirmed there is no business relationship with Kalshi and raised concerns over unauthorized use of league imagery.
Summary Table: Key Regulatory Actions and Relationships
| Entity | Kalshi Relationship | Key Issue | Date/Timeframe |
|---|---|---|---|
| NCAA | No formal relationship; requested language change | Objection to transfer portal markets and branding | November – December 2025 |
| NHL | Official partner | Access to league’s data and branding | October 2025 |
| NFL/NFLPA | No business relationship | Objection to unauthorized imagery | Earlier in 2025 |
- Author
Daniel Williams
