• The NCAA has asked Kalshi to revise its fine print regarding college sports event contracts
• The NCAA is seeking clarity on how Kalshi is ensuring that sports contracts do not jeopardize the integrity of college sports

In a letter from the NCAA to Kalshi, the online prediction market that launched sports event contracts in January, the governing body of college athletics requests that the wagering platform acknowledge that it facilitates sports betting.

The NCAA National Office is pictured in Indianapolis in a 2016 file photograph. The NCAA is asking Kalshi to edit some of the language it uses regarding its sports event contracts. (Image: Shutterstock)

Scott Bearby, the NCAA’s chief legal officer and senior vice president, addressed Kalshi on an array of concerns in a letter dated Oct. 30, 2025.

Bearby took most issue with Kalshi seemingly implying that it has a relationship with the NCAA to verify the outcomes of college sports. Bearby requests that Kalshi reword its fine print on college sports event contracts from saying the outcome was verified by the NCAA to the outcome being “sourced” from the NCAA.

Bearby also wants Kalshi to disclose that it is, despite the company’s repeated claims, a sports betting facilitator.

We ask that Kalshi add a disclaimer to any page related to an NCAA game or contest. For example, ‘Kalshi is an independent sports betting platform and is not affiliated, associated, authorized, endorsed by, or in any way officially connected with the NCAA,'” Bearby recommended.

Kalshi maintains that it is not a sportsbook because it does not function as a “house” but facilitates peer-to-peer betting. However, there have been recent reports, including from Sportico, that Kalshi indeed has a financial stake in certain sports event outcomes.

NCAA Requests 

Along with asking for disclosures that distance the NCAA from Kalshi, the association is seeking to have the online wagering platform exclude contracts involving student-athlete props. Such bets can be heavily or completely influenced by the performance of a single player.

Prop bet critics say that puts student-athletes at a higher risk of being influenced by outside sources. Props have also been cited for increasing instances of player abuse and harassment from angry bettors.

“Many state legislators and gaming authorities have agreed with the NCAA’s stance that prop betting markets heighten the risk of integrity and harassment concerns. Is Kalshi committed to forbidding similar predictive markets on their platforms?” Bearby asked.

Kalshi said it values the NCAA’s comments and is “working on adjusting the language” regarding settling sports events contracts. Kalshi added that it is “reviewing and addressing the additional requests.”

Nevada Agrees

Last month, the Nevada Gaming Control Board shared the NCAA’s opinion that sports event contracts offered by prediction markets like Kalshi constitute sports gambling.

The Board considers offering sports event contracts, or certain other events contracts, as constituting wagering activity,” a notice to licensees advised. “Examples of event contracts that the Board specifically considers to be wagering subject to its jurisdiction include event contracts based on the outcome or partial outcome of any sporting or athletic event, or other selected events such as the World Series of Poker, the Oscars, esports, and political elections.”

The NGCB warned that its licensees that engage in unregulated sports event contracts are possibly engaging in “unlawful sports wagering.”

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