Kalshi is set to offer markets in three categories for football, unless the Commodity Futures Trading Commission (CFTC) prohibits it from doing so, documents filed Monday show.
Kalshi submitted three documents to the CFTC portal reporting that it is self-certifying bets on markets concerning points spreads, over/unders, and touchdown scorers.
When a CFTC-registered exchange wants to offer a new type of contract, it typically asks for permission to have the market self-certified, presenting a template version of the market with gaps that can be filled in to offer different bets along the same theme.
The template for the point spread market is, “Will <team> win <game> by <above/below/between/exactly/at least> <count> points?”
For the over/under market, it is “Will <game> have <over/under> <count> points in <time period> of <game>? This suggests over/under markets for each quarter may also be offered.
The touchdown market template is, ““Will <player/team> score in <first/last/any/count> touchdown(s) in <time_period> of <game> ?”
The markets are titled FOOTBALLSPREAD, FOOTBALLTOTALS, and FOOTBALLTOUCHDOWN, suggesting they are intended to apply to both the pro and collegiate levels. Some states, such as Ohio, ban betting on college player props.
“Bringing these markets under CFTC oversight gives consumers the same level of protections as Wall Street traders and institutions,” said Kalshi CEO Tarek Mansour via press release. “Kalshi is bringing more liquidity, efficiency, and price competition to markets on the $400 billion sports industry, and our traction so far is testament to that.”
In its press release, Kalshi added that the expansion of its offerings “is to meet the surging demand for legal and regulated choices, challenging the $84 billion illegal sports market and expanding access for Americans to a federally transparent, regulated, and supervised marketplace for sports trading.”
Three options for CFTC
Kalshi said the markets will “initially be listed after close of business on August 18, 2025.” It is not clear which markets would go up first, but Kalshi already offers game winners for NFL Week 1, the NFL preseason, and select college football Week 0 matchups.
Before the end of the business day, CFTC can reject the contracts or launch a 90-day “public interest” review into them. It could also not take action against a self-certified market, in which case it would be permitted. Earlier this year, Acting CFTC Chairman Caroline Pham said the agency has not denied a self certification during its 50 years of existence.
All of Kalshi’s sports markets have been created through self-certification.
Will Kalshi offer parlays?
Player props, spreads, and over/unders make up a significant portion of betting revenue at major sportsbooks like DraftKings and FanDuel.
The markets could be a step toward offering another product that is an even more important part of a sportsbook’s offering: parlays. Kalshi offered parlays on the Oscars and Grammys but has not yet launched the product for sports.
The Fifty Cent Dollars Substack newsletter reports that, if props are permitted, the launch of parlays is “practically inevitable,” given the mechanism behind the award parlay markets already exists.
Custom same-game parlays can be more difficult to offer in an exchange model as a buyer is needed on both sides of the bet. Odds can’t simply be calculated by multiplying the odds of its component parts the way they can for parlays on non-correlated events.
Historically, same-game parlays can be lucrative for sportsbooks, with hold usually above 15%. That might mean designated market makers – who are incentivized to offer up trades to other users, acting sort of like sportsbooks within the exchange – may be interested in offering prices for parlays. It is not yet clear if any of Kalshi’s large market makers, such as Susquehanna International Group or the in-house Kalshi Trading, will offer liquidity for same-game parlay markets.
Kalshi player prop rules
The rules of the touchdown market note that the player in question must play at least one snap. Otherwise, the contract will be settled at “the last fair market price before the start of play,” which is Kalshi’s way of settling markets that sportsbooks may consider a push.
“Once a player is active, the contract will settle based on actual touchdowns scored regardless of playing time, injury, ejection, or other removal from the game,” it notes.
The touchdown market currently only applies for touchdowns scored and does not count passing touchdowns. Kalshi has also not yet self-certified contracts based on stats such as yardage.
According to the filing, “current and former players, coaches, and staff of the National Football League” are banned from participating in any of these markets.” For college football, “current and former players/coaches/staff of the specific teams” in the game are prohibited. However, other college football players and staff are not. The NCAA still has its own rules prohibiting betting on college sports, in particular, Division I players are banned from betting on their own sport and team.
The filing states that “paid employees of the league and league participants,” “ultimate beneficial owners of teams and the league” and “household members and immediate family of all above” are also banned from betting.
