Kalshi Officially Offering Football Spread and Point Total Contracts

• Kalshi is now offering football spread and total event contracts to customers
• The prediction market company yesterday filed for the new markets with the Commodity Futures Trading Commission
• Kalshi self-certified the markets and the commission has yet to make an official ruling on them

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Kalshi has officially jumped into the spread and point total markets for the football seasons.

The federally regulated prediction market is offering spread and point total event contracts to its customers after yesterday submitting three product certifications to the Commodity Future’s Trading Commission (CFTC).

The company also filed to offer certain player prop event contracts, but does not seem to be offering them to customers as of yet.

CFTC Takes No Action So Far

Kalshi filed the product certifications with the CFTC, and the commission has yet to take any official action. The CFTC has three options moving forward with the new filings, beginning with a no-action letter to allow for them to be certified and offering to Kalshi customers.

The CFTC also had the option to outright reject the contracts and deny their legality before the end of the business day after Kalshi filed for the markets, which it did not opt to do.

Finally, the CFTC can decide to initiate a 90-day public review of the markets to determine if they are legal or not.

Kalshi Dipping Into New Markets

The new filings are an expansion into Kalshi’s football sports event contracts prior to the start of the two major football seasons. 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>?”

Who Regulates These Markets?

Kalshi’s expansion into point totals and spreads will likely raise further eyebrows amongst state gaming commissioners as to who actually regulates these particular markets.

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 Commodity Exchange Act.