Kalshi Uses ‘March Madness’ Without NCAA Approval
The annual March Madness NCAA basketball tournament is a top betting event. But you’re not supposed to see it named on prediction markets like Kalshi.
The NCAA hasn’t given Kalshi permission to use its federally registered trademark “March Madness.” Kalshi is apparently supposed to use something generic like “national championship” instead.
In some instances, Kalshi uses the phrase “March Madness” on its platform despite trademark restrictions.
An NCAA source confirmed to GamblingHarm.org that this isn’t allowed.
Thumbing Its Nose at the NCAA?
Kalshi’s March Madness move follows a December statement from NCAA President Charlie Baker that indicated prediction markets don’t align with the NCAA’s values.
“The NCAA vehemently opposes college sports prediction markets,” Baker said. He called these platforms an “unregulated marketplace that does not follow any rules of legitimate sports betting operators.”
The NCAA has been particularly concerned with player prop bets, whether from regulated or unregulated betting platforms.
Kalshi has been building legitimacy in recent months through partnerships with CNN and the National Hockey League, as well as an investment from NBA star Giannis Antetokounmpo.
Why Does Kalshi’s ‘March Madness’ Usage Matter?
Official trademarks can make a potentially harmful sports gambling product appear safer than it is. Prediction markets like Kalshi have claimed that their “trading” product isn’t gambling. The product has addiction risks.
Kalshi facilitates stock-market-style sports betting, which many states say is illegal.
Using “March Madness” may make users think the NCAA endorses Kalshi. Ironically, March is also Problem Gambling Awareness Month.
Kalshi allows users as young as 18, making it possible for college-aged individuals to bet on the platform in lieu of, for example, DraftKings Sportsbook or FanDuel Sportsbook.
Most states set the legal sports betting age at 21, making most college students underage for gambling.
What Can the NCAA Do?
Right now, it doesn’t appear to be much.
The Commodity Futures Trade Commission oversees prediction markets, but it’s unclear if it would address a trademark dispute involving sports event contracts.
Kalshi has backed down from controversial choices before. It may remove mentions of “March Madness.”
Using “March Madness” likely won’t help Kalshi in state legal battles.
The post Kalshi Uses ‘March Madness’ Without NCAA Approval appeared first on GamblingHarm.org.