Kalshi Offering Single-Game Conference Tournament Contracts

• Kalshi is offering a number of single-game NCAA conference tournament event contracts
• The regulated exchange and prediction market dabbled in single-game event contracts for soccer, tennis
• More than $2 million in volume has been spent on NCAA championship contracts

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Kalshi is jumping into single-game event contracts for this week’s NCAA conference tournaments.

The company is offering a number of single-game event contracts on this week’s conference tournament matchups and could conceivably begin offering single-game event contracts when the March Madness tournament starts in earnest next week.

Kalshi filed to offer single-game event contracts with the Commodity Futures Trading Commission in February.

Yes or No Contracts on Single Events

Kalshi is currently offering yes or no contracts on single-game events for the NCAA conference tournaments. It does not offer traditional moneyline bets or bets against the spread, but instead offers yes or no single-game contracts on teams advancing to a round of their specific tournament.

For example, Kalshi is currently offering contracts on today’s matchup between Virginia and Georgia Tech. It asks the question, “Atlantic Coast Tournament Quarterfinal Qualifier?” with a “yes or no” option for either team.

So, customers basically choose which team will win, or advance, to the quarterfinal. There is currently a little over $35,000 in contracts for this particular market.

Kalshi will likely offer single-game event contracts when the NCAA tournament begins next week. It is currently accepting futures contracts on the eventual NCAA men’s champion, either Duke or Auburn, with nearly $2.5 million in volume on the market already.

But as it continues to offer these contracts throughout the country, it’s conceivable that more states take a closer look at their offerings and potentially mirror action taken by Nevada.

Will More States Look at C&Ds for Kalshi?

While Kalshi is expanding its contracts, one state has taken action against the company for what it believes is “unlawful” behavior.

The Nevada Gaming Control Board (NGCB) last week issued a cease-and-desist to KalshiEX LLC, ordering the regulated exchange and prediction market company to cease operations in the state by March 14, 2025.

According to the notice, Kalshi’s event-based contracts for sports and elections is “unlawful in Nevada, unless and until approved as licensed gaming by the Nevada Gaming Commission.”

The NGCB believes Kalshi is violating numerous Nevada Revised Statutes and Nevada Gaming Commission Regulations by offering the sports event contracts.

Additionally, the board informed Kalshi that even licensed sports pools in the state are prohibited from accepting wagers on elections.

“Every sports pool in Nevada must undergo an extensive investigation prior to licensing, must adhere to strict regulation once licensed, and must pay all applicable taxes and fees,” NGCB Chairman Kirk Hendrick said in a press release. “Any unlawful attempts to circumvent Nevada’s right to regulate gaming activity within its borders will be met with the full force of criminal and civil penalties.”