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Kalshi Adds College Football to Prediction Markets Amid Legal Scrutiny

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Publish Date: Jul 02, 2025

Fact checked by: Sara Jane Gamelli

Despite facing numerous legal battles across the country, Kalshi, one of the top prediction market outlets, has added college football to its prediction market portfolio.

This comes after bettors used prediction markets at Kalshi for the men's and women's NCAA college basketball tournaments this past March and April.

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In all, there were over $412 million in contracts on the men's tournament and nearly $92 million on the women's.

Kalshi has certainly been a disruptor in the sports betting space, seemingly identifying a loophole in the framework established following the overturning of the Professional and Amateur Sports Protection Act in 2018. kalshi college football markets

Today, 38 states, including Washington, D.C., and Missouri (launching on Dec. 1), have some form of legal sports betting.

In the latest news, since June 2018, when PASPA was overturned, there's been well over $500 billion in wagers made with nearly $9 billion in state taxes.

As mentioned, Kalshi is facing lawsuits in numerous states, including Nevada, New Jersey, Maryland, and others. Illinois and Arizona have also sent cease-and-desist letters.

So far, the entity that oversees Kalshi and other prediction markets, the Commodity Futures Trading Commission (CFTC), hasn't provided a definitive message on whether this is acceptable for Kalshi to do.

Kalshi was allowed to offer event contracts on the 2024 United States presidential election, and that was backed up after the U.S. Appeals Court for the District of Columbia Circuit granted the CFTC a motion for voluntary dismissal this past April.

College Sports Launch Restrictions

This move by Kalshi also comes after Ohio, Maryland, and Louisiana added some levels of a ban on college sports betting in 2024. Kalshi do have some limitations such as:

1. Current and former players, coaches, and staff of the league, association, or organization(s) governing the event. For college leagues/associations specifically, or where otherwise appropriate (as identified by the Exchange), this applies to current and former players/coaches/staff of the specific teams in <event> rather than the league/association as a whole (e.g., if the Division I Gonzaga Men’s Basketball Team is playing in <event>, this prohibition will restrict trades by current/former players of that team, rather than all current/former players/coaches/staff in any NCAA sport).

2. Paid employees of the league and league participants

3. Owners of teams and the league

4. and household members and the immediate family of all above

Sports Dominate Kalshi’s Trading Volume Lately

Sports contracts accounted for more than 50% of the trading at Kalshi over the last week. In fact, 12 of the top 20 markets included sports. kalshi wagering by market

Those 20 markets included the following:

NBA series winners (KXNBASERIES)
NBA game winners (KXNBAGAME)
NBA champion (KXNBA)
MLB game winners (KXMLBGAME)
Bitcoin price today at x time (KXBTCD)
NHL playoff series winners (KXNHLSERIES)
NBA conference winners (KXNBAEAST and KXNBAWEST)
NASDAQ price today at x time (KXNASDAQ100U)
S&P price today at x time (KXINXU)
NHL game winners (KXNHLGAME)
Bitcoin price range at x time (KXBTC)
Inflation in May (KXCPIYOY)
PGA Tour tournament winner (KXPGATOUR)
Champions League game winners (KXUCLGAME)
Gas price this month (KXAAAGASM)
NHL champion (KXNHL)
UFC match winners (KXUFCFIGHT)

We'll see how this impacts the pending lawsuits, if at all, moving forward.

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