According to Fortune, La Liga club Osasuna denied involvement in Kalshi prediction market trading. A previous surge in trading volume for Kalshi contracts related to the team’s relegation probability reportedly reached about $600,000, prompting speculation that the club might hedge its relegation losses through “reverse betting.” Osasuna said it only purchased about €1.2 million in relegation insurance. Kalshi said the related trades could be risk-hedging actions by insurance brokerage firms, essentially similar to reinsurance mechanisms. The incident has once again sparked market discussions about prediction markets as tools for hedging real-world risks.