Kalshi Close to Launching Football Parlays

• Exchange operator tells CFTC it will self-certify bets that closely resemble parlays
• Latest sign of Kalshi’s willingness to compete directly with sportsbooks

Prediction markets Goliath Kalshi is readying to offer combined event contracts that closely mirror sports wagering parlays.

In a Monday filing with the Commodities Futures Trading Commission (CFTC), the company’s federal regulator, Kalshi said it self-certify multileg wagers that could list as soon as today. That could pose a new competitive threat to traditional sportsbook operators that leaned on parlays to boost hold and profits. The new Kalshi contracts will be structured as “Will <outcomes> occur in <events>?

<Outcomes> refers to a set of specific achievements, results, or events specified by the Exchange. Outcomes may include game outcomes, player statistics, team statistics, championships, awards, season statistics, playoff outcomes, draft outcomes, and milestones,” according to Kalshi’s filing with the CFTC.

The derivatives exchange operator said in the regulatory document that the payout structure of its parlay-style offering involves “the payment of an absolute amount” to the trader on the winning side of the yes/no contract and no payment to the market participant on the losing side. That’s standard operating procedure for Kalshi’s yes/no event contracts. Nowhere in the filing are the words “accumulator,” “parlay,” or “multileg” used.

Kalshi Parlays Appear to Be Football-Specific

What amounts to a parlay declaration to the CFTC by Kalshi arrives ahead of the start of the 2025 NFL season on Thursday and less than two weeks after the company said it will self-certify player props, sides, and totals on college football and NFL games, further moving into territory long controlled by traditional sportsbooks.

Those moves are confirmation of what many in the industry have long speculated: it was just a matter of time before event contract exchanges pushed into parlays. Some experts describe parlays as “high leverage” events that can create devoted customers for the likes of Kalshi and Polymarket.

Parlays are significant drivers of hold and earnings growth for gaming companies. Bettors seemingly can’t resist the temptation of big payouts despite long odds and the high probability of frustration. Even DraftKings admits 30 million football parlays died last season because just one leg of the bet lost.

More Prediction Markets News

In other goings on in the prediction markets space, Crypto.com and Underdog Fantasy announced Monday that they’re partnering to bring prediction markets to Underdog clients in 16 states, making the daily fantasy sports (DFS) firm and sportsbook operator the first of its kind to partner with a company offering yes/no event contracts.

Crypto.com was among the first financial services companies to offer sports event contracts and is broadening that reach by teaming up with a gaming company.

“As the only company built on its own proprietary technology across fantasy sports and sports betting regulatory frameworks, Underdog is now the only company offering fantasy sports, sportsbook, and prediction markets in one seamless app,” according to a statement issued by the cryptocurrency exchange operator.