Spanish Osasuna Insured Its Relegation with a Million-Dollar Bet Against Its Own Club (photo)

Spanish football club Osasuna found itself at the epicenter of a high-profile international scandal that blurred the lines between legal risk hedging and banal gambling. Seriously fearing relegation from La Liga and the accompanying loss of millions of euros in television revenue, the team's management decided to take a clever insurance policy before the final matchday. Through intermediaries, the bosses transferred €1.2 million to the American prediction platform Kalshi, placing a large bet on their own relegation in the hopes of hitting a €6 million jackpot should they fail. Osasuna did indeed lose 1-0 to Getafe in the decisive match, but a draw by their rivals miraculously kept them in the top flight. Ultimately, the Pamplona club's million-dollar bet was wiped out, and the owners hastened to justify the operation, calling it "standard financial insurance." However, regulators didn't appreciate the humor: just a couple of days after the incident, Spanish authorities promptly blocked access to Kalshi and Polymarket throughout the country.