Forecasting markets Goliath Kalshi is prepared to provide mixed event contracts that closely resemble parlays for sports betting.

Kalshi stated that it self-certifys multileg wagers that may list as early as today in a file submitted on Monday to the Commodities Futures Trading Commission (CFTC), the federal regulator of the business. Traditional sportsbook operators that relied on parlays to increase hold and profits may face a new competitive threat as a result. The format of the new Kalshi contracts will be "Will occur in ?

"<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 payout structure of the derivatives exchange operator's parlay-style offering, according to the regulatory document, entails "the payment of an absolute amount" to the trader on the winning side of the yes/no contract and no payment to the market member on the losing side.  That's how Kalshi's yes/no event contracts are often handled.  The terms "accumulator," "parlay," and "multileg" are not mentioned anywhere in the document.

 

It Seems Like Kalshi Parlays Are Exclusive to Football

Less than two weeks after the company announced it will self-certify player props, sides, and totals on NFL and college football games, Kalshi is making what amounts to a parlay declaration to the CFTC ahead of the 2025 NFL season on Thursday, further expanding into areas previously dominated by traditional sportsbooks.

Given that the filing cites FootballStats as the guideline that would be utilized to judge results, Kalshi's multileg contracts seem to be football-specific.  According to reports, Polymarket, the biggest prediction market operator, is asking customers what they would want to see in terms of a wider football menu, suggesting that the company may follow its competitor in expanding its football presence.

These actions support the long-held theory among many in the industry that event contract exchanges will eventually push into parlays.  Parlays, according to some experts, are "high leverage" events that can generate loyal clients for businesses like Kalshi and Polymarket.

For gaming companies, parlays are important sources of hold and earnings development.  Despite steep odds and the likelihood of dissatisfaction, bettors appear unable to resist the lure of large payouts.  Even DraftKings acknowledges that only one leg of the wager lost last season, causing 30 million football parlays to fail.

 

Additional News about Prediction Markets

In other developments in the prediction markets space, Crypto.com and Underdog Fantasy announced on Monday that they are collaborating to offer prediction markets to Underdog customers in 16 states. This is the first time the sportsbook operator and daily fantasy sports (DFS) company has partnered with a business that offers yes/no event contracts.

By partnering with a gaming company, Crypto.com, one of the first financial services firms to provide contracts for sporting events, is expanding its reach.

“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.