On 30 October 2025, the National Collegiate Athletic Association (NCAA) warned Kalshi, a prediction market platform, against using language that could misleadingly suggest an affiliation between the two entities. This warning emerged after NCAA Senior Vice President and Chief Legal Officer, Scott Bearby, discovered the phrase “Outcome verified from NCAA” on Kalshi’s website, hyperlinked to NCAA.com. Bearby expressed concerns that such language might lead the public to wrongly believe that the NCAA was involved in verifying or endorsing Kalshi’s data. Given the NCAA’s historical stance against sports betting, Bearby warned that this could significantly damage the association’s brand and goodwill.
The NCAA demanded Kalshi to promptly modify the misleading wording to something more suitable, such as “Outcome sourced from NCAA.com.” Furthermore, they insisted that Kalshi should display a disclaimer on all markets related to college sports, clearly stating the absence of any endorsement or affiliation with the NCAA. A spokesperson from Kalshi acknowledged the feedback, noting that the company was in the process of updating the language on its college sports markets accordingly.
Kalshi, unlike its formal partnership with the National Hockey League (NHL), where it utilizes official league data and branding, has no such agreement with the NCAA. This isn’t the first time Kalshi has faced criticism for its use of sporting organizations’ imagery without authorization. Earlier in the year, both the National Football League (NFL) and the NFL Players Association confirmed no relationship with Kalshi despite the platform using their imagery.
The issue extends to Kalshi’s introduction of college sports prediction markets during March Madness 2025, which has now expanded to include other NCAA events. Some of these markets resemble prop bets, which have raised flags in the United States due to integrity and player harassment issues. NCAA President Charlie Baker has consistently opposed player-related prop betting, arguing such markets expose athletes to potential harassment and compromise the integrity of the competition. Bearby’s letter to Kalshi questioned whether the platform intended to offer these contentious markets, noting that many states in the U.S. have already banned them.
Bearby wrote, “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?”
Kalshi positions itself as a federally regulated financial exchange rather than a gambling platform, maintaining that it adheres strictly to integrity and compliance policies. “With Kalshi, there is no house. We don’t win when our customers lose,” said a spokesperson. Kalshi also indicated that they would consider the NCAA’s additional requests regarding integrity cooperation, data sharing, and the reporting of prohibited customers. The company is partnered with IC360, an integrity monitoring agency, to bolster its compliance efforts.
The warning to Kalshi is part of a broader scrutiny on sports betting in U.S. leagues. The NCAA recently postponed implementing a policy that would allow athletes and staff to wager on professional sports, moving the date from 1 November to 22 November, amidst ongoing investigations into betting scandals across 13 college programs and several NBA-related incidents.
As prediction markets like Kalshi continue to gain traction, regulators and sports organizations are increasing oversight, highlighting the growing intersection between financial innovation, betting culture, and sports integrity in the United States. On one hand, prediction markets are seen as a modern financial tool offering innovative ways to engage with sports. On the other, they pose substantial risks to the integrity and ethical standards of sports institutions.
In contrast, some industry experts argue that platforms like Kalshi offer valuable data-driven insights and enhance fan engagement by providing a financial stake in the outcomes. They suggest that instead of prohibiting these markets, a balanced regulatory approach can help mitigate risks while capitalizing on the benefits of innovation. However, given the NCAA’s firm stance, any such compromise remains a contentious debate.
As the conversation around sports integrity continues, parties on both sides of the argument are eagerly awaiting how Kalshi, and similar platforms, will adapt to the growing regulatory and ethical expectations in the realm of sports betting.
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