Kalshi Expands Football Markets to Include Spreads, Props, and Totals

• Kalshi submitted several regulatory filings to the CFTC to expand its football markets
• Kalshi will now offer spreads, game totals, and player props to customers
• The CFTC can either block the filings, launch an investigation, or allow the new markets

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Kalshi is taking a big step in expanding its football event contracts prior to the kickoff of the NFL and college football seasons.

Today, the federally regulated prediction market submitted three product certifications to the Commodity Future’s Trading Commission (CFTC). The new markets will specifically allow for game spreads, player props, and game total contracts for Kalshi customers.

Kalshi noted in its filings that the new markets will be available upon close of business today, Monday, Aug. 18.

What Does Kalshi Want?

The new filings are an expansion into Kalshi’s football sports event contracts prior to the start of the two major football seasons. The company currently offers outright winners for the first week of the NFL and college football seasons, and also also offers contracts on who will win both the NFL and college football championships.

The filings will delve even deeper into the football markets.

For its spread contracts, Kalshi filed for the following:

“Will <team> win <game> by <above/below/between/exactly/at least> <count> points?”

For its total contracts, Kalshi filed for the following:

“Will <game> have <over/under> <count> points in <time period> of <game>?”

For its player props, Kalshi filed for the following:

“Will <player/team> score <first/last/any/count> touchdown(s) in <time_period> of <game>?”

The new contracts could be offered as early as today, depending on the CFTC.

Will CFTC Allow New Markets?

The CFTC will have three options moving forward with the new filings. It can simply take no action against them, which will result in them being certified and offered to Kalshi customers after today.

The CFTC can also outright reject the contracts and deny their legality before the end of business today. Finally, the CFTC can initiate a 90-day public review of the markets to determine if they are legal or not.

If the markets are approved, it will be the closest Kalshi has come to mirroring what legalized sportsbooks offer during football season, a major point of contention in the industry and for regulators within legalized sports betting states.

Kalshi and state regulators have been vying in court for control over who actually regulates sports event contracts. Kalshi believes that state regulatory bodies do not have the right to intrude on the government’s “exclusive” authority to regulate prediction market, filing lawsuits in New Jersey, Nevada, and Maryland to defend its practices.

State regulators equate sports event contracts as sports betting and believe they should have a say in how they’re regulated, taxed, and licensed.

Kalshi believes its offerings are not required to comply with state laws, as they have been preempted by the CEA.