Kalshi Self-Certifies New NFL Trading Markets, Expands Platform’s Player Prop Offerings

Kalshi continues to expand its sports markets and has self-certified a range of new NFL player props for availability on the platform. That contradicts earlier statements from the company’s lawyers saying it would not offer prop markets.

Last month, the company expanded into college football, totals, and point spreads before self-certifying parlays at the start of September.

Through its license with the Commodity Futures Trading Commission (CFTC), the company has to notify the organization when it releases new markets.

The CFTC may object to the markets if it deems they violate the Commodity Exchange Act (CEA), which sets the rules for which markets are allowed.

Even though the CEA says markets that cover gaming are not allowed, the CFTC has yet to restrict Kalshi’s expansion into sports event contracts.

New Markets on Football Player Props

Kalshi submitted a document to the CFTC that details the new markets to be made available. The official product name is “Will <player> have <above/below/between/exactly/at least> <count> <statistic> in <time period> of <game>?”

These markets mimic prop betting available at sportsbooks, and the document goes on to say that <statistic> may include the following:

• Passing: completions, attempts, yards, touchdowns, interceptions
• Rushing: attempts, yards, touchdowns
• Receiving: receptions, yards, touchdowns
• Combined: yards from scrimmage (rushing yards + receiving yards), total touchdowns
• Defensive: tackles (solo + assists), sacks, interceptions, passes defensed
• Special Teams: field goals made/attempted, extra points made/attempted, punts, punt yards
• Returns: kick return yards, punt return yards, return touchdowns

Kalshi Lawyer Said Company Would Not Offer Prop Bets

A Kalshi lawyer previously said the company would draw the line at offering prop markets, but as football season sees record trading volume, that is long forgotten.

In comments reported by lawyer Andrew Kim in April, Judge Andrew Gordon asked what the difference was between a sports-related contract and sports betting.

Kalshi’s lawyer, William Havemann, responded that sports-related contracts have real-world financial consequences, adding, “Kalshi is careful to offer contracts that have financial consequences in the real world rather than the sort of prop bets that you might see at a sportsbook.”

NFL Warns Players Prediction Markets Equal Betting

While there have been several betting scandals in the MLB, NBA, and college sports recently, the NFL noted that no players were sanctioned for violating the league’s gambling policy last season (compared to 10 in 2023).

The availability of prop markets on prediction sites could threaten that, particularly while companies argue that the markets are not betting.

Before the start of the new season, the NFL stated that it views sports prediction markets as sports betting and is warning players about engaging with them.

The league’s Chief Compliance Officer, Sabrina Perel, stated, “Our view is that these platforms mimic sports betting, and that they are covered as prohibited conduct under our policy.”

“That would be for all of our personnel, and now we’re educating on this point as well, specifically stating that engaging in these platforms would be prohibited under the policy.”