Kalshi pulls NCAA transfer portal markets after backlash
Prediction market operator Kalshi has reportedly withdrawn plans to allow trading on whether individual NCAA athletes would enter or exit the college sports transfer portal, following swift opposition from the NCAA and criticism across the sports and gambling industries.
Kalshi had filed with the Commodity Futures Trading Commission (CFTC) to self-certify a series of event contracts linked to transfer portal activity, according to regulatory filings. The proposed contracts, scheduled to go live from 17 December, would have enabled users to trade on the transfer decisions of specific student-athletes.
The move immediately drew resistance from the National Collegiate Athletic Association (NCAA), which warned that markets tied to individual athletes’ decisions could place undue pressure on players and undermine the integrity of college sports.
NCAA calls transfer portal markets ‘absolutely unacceptable’
NCAA President Charlie Baker publicly condemned the proposal, calling it “absolutely unacceptable” and warning that it would expose student-athletes to increased harassment and abuse.
The @NCAA vehemently opposes college sports prediction markets. It is already bad enough that student-athletes face harassment and abuse for lost bets on game performance, and now Kalshi wants to offer bets on their transfer decisions and status — this is absolutely unacceptable…
— Charlie Baker (@CharlieBakerMA) December 18, 2025
“It is already bad enough that student-athletes face harassment and abuse for lost bets on game performance,” Baker wrote on X. “Their decisions and future should not be gambled with, especially in an unregulated marketplace that does not follow any rules of legitimate sports betting operators.”
The NCAA later confirmed to SiGMA News that it had no further comment beyond Baker’s statement.
Kalshi backs away following backlash
Within hours of the criticism, Kalshi said it would not move forward with the contracts, at least for now. In a statement shared by ESPN reporter David Payne Purdum, the company said it routinely self-certifies markets that are never ultimately listed.
“We certify markets all the time that we do not end up listing; despite our competitors having these markets live, we have no immediate plans to list these contracts,” Kalshi said.
According to Kalshi’s CFTC filing, the contracts would have been resolved based on a player’s public entry into or withdrawal from the NCAA transfer portal within a defined timeframe. Resolution sources included official NCAA transfer portal data, school athletic department announcements, verified social media posts, and reporting from national sports media.
Kalshi stated that public statements by players would qualify as valid signals, while media speculation alone would not.
Integrity safeguards outlined by Kalshi
The exchange said it would have prohibited trading by players, coaches, athletic department staff, agents, immediate family members, and anyone with access to non-public or inside information.
Responding to concerns about oversight, Kalshi told SiGMA News: “It’s inaccurate to say we are unregulated. We are a federally regulated exchange, governed by the Commodity Exchange Act and its hundreds of regulations. We as a company also have comprehensive internal policies to address trading integrity and responsibility issues, including in-house and third-party surveillance systems that monitor trading activity. We run Know-Your-Customer checks on everyone who trades on our platform.”
Kalshi also emphasised that its platform operates differently from traditional gambling products. “Kalshi works like the stock market instead of like a casino. In casinos, the house always wins. With Kalshi, there is no house. We don’t win when our customers lose,” a spokesperson said.
Ongoing NCAA concerns over Kalshi branding and implications
The transfer portal controversy follows earlier tensions between Kalshi and the NCAA. In November, the NCAA asked Kalshi to stop implying any relationship between the two organisations.
In a letter dated 30 October, shared with SiGMA News, NCAA Senior Vice President and Chief Legal Officer Scott Bearby objected to Kalshi’s use of the phrase “Outcome verified from NCAA,” which was hyperlinked to NCAA.com.
“The NCAA is concerned that this language will imply to the consuming public that the NCAA has some relationship with Kalshi which involves the NCAA ‘verifying’ or ‘approving’ data for Kalshi,” Bearby wrote.
The NCAA requested that Kalshi change the wording to “Outcome sourced from NCAA.com” and add a disclaimer clarifying that there is no affiliation between the two entities. Kalshi said it was working to adjust the language.
League partnerships highlight regulatory contrasts
Unlike the NCAA, the National Hockey League (NHL) has an official partnership with Kalshi and rival platform Polymarket. Announced in October 2025, the deal grants access to official NHL data and branding.
Kalshi also has a media-based affiliation with the NFL on FOX, though its relationship with other leagues has been contentious. Earlier this year, the NFL and NFL Players Association confirmed they have no business relationship with Kalshi after objecting to unauthorised use of league imagery.
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