NCAA Raises Integrity Concerns Over Kalshi's College Sports Prediction Markets

The NCAA has expressed concerns over the integrity of college sports prediction markets offered by Kalshi. In a letter obtained by ESPN, NCAA Chief Legal Officer Scott Bearby questioned Kalshi's commitment to "contest integrity and the protection of contest participants."

Bearby's letter asked Kalshi to explain how it monitors betting activity for prohibited participants, whether it will cooperate with NCAA investigations, and how it handles integrity alerts. The NCAA also pressed Kalshi to remove website language that might suggest a relationship between the organizations and to eliminate prediction markets resembling player prop bets, which the NCAA said pose integrity and harassment risks for student-athletes.

Kalshi responded that it maintains "robust market integrity provisions" as a federally regulated exchange and is reviewing the NCAA's requests. The platform, which argues that it falls under Commodity Futures Trading Commission oversight rather than state gambling laws, has faced multiple lawsuits from state regulators over whether its contracts qualify as unlicensed sports bets.

In March, Kalshi partnered with integrity monitoring firm IC360, which also works with professional and collegiate leagues. 

The NCAA currently has open investigations into about 30 current or former men's basketball players over concerns of match-fixing and other betting-related activity.

NCAA to introduce player availability reports

As part of its broader integrity initiative, the NCAA will introduce mandatory player availability reports for the 2026 Division I Men's and Women's Basketball Championships. By disclosing players' participation status, the new system aims to reduce harassment and ensure fairness in each competition.

Charlie Baker, the president of the NCAA, said that the measure was a big step toward protecting athletes. HD Intelligence oversees the reports, which will require teams to say whether players are "questionable" or "out" before each game. 

Updates will be due two hours before a game starts. Teams that don't provide accurate reports could face potential fines.

The system, first piloted during March Madness, could expand to future NCAA championships if it is successful. It forms part of a broader NCAA effort to strengthen competition integrity, enforce stricter betting rules, and advocate for limits on college prop bets that target individual athletes.

Kalshi hires ex-Uber executive as CFO

In a separate development, Kalshi has appointed former Uber and Gopuff finance executive Saurabh Tejwani as its first CFO. Tejwani, who helped manage Uber's 2019 IPO, said he would oversee Kalshi's corporate growth and potential international expansion.

Tejwani acknowledged that an IPO is "something we will consider," though no timeline has been set. His appointment follows Kalshi's $300 million funding round that lifted its valuation to $5 billion, more than doubling since June. 

The company's growth comes as competition intensifies, with rival prediction market Polymarket preparing to re-enter the U.S. after receiving regulatory clearance.