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