The stupidest thing about all of this is that this is exactly what prediction markets are for – and why they don't mix with things where we don't think sports betting should be allowed.
A Spanish La Liga club (likely Osasuna) facing potential relegation placed a bet against itself on Kalshi, hedging the financial hit of dropping down a tier.
They survived on the final day. Susquehanna was on the other side of that bet and pocketed over $1M.