It took 72 seconds to insure LSU’s national title hopes on the sports prediction market.

A third-party insurance company placed five trades on the prediction market Kalshi that could pay out $3 million if LSU wins the national championship this season, a Kalshi spokesperson confirmed to CBS Sports Tuesday. The number raised eyebrows this week when InGame, a publication covering sports betting and prediction markets, uncovered the trades, which match the exact cash figure LSU would owe coach Lane Kiffin in College Football Playoff bonuses if he wins the national title, according to a contract he signed in November.

The third-party insurance company, which Kalshi did not identify, purchased 837,500 contracts on LSU reaching the College Football Playoff, followed by contracts on LSU reaching the semifinals, the national championship game and winning a national title. Their last contract was on LSU reaching the quarterfinals. CBS Sports reviewed Kalshi’s trade data and confirmed the five blocks in which the buyer paid $662,050. The other side of the trade put up $2,337,950.

Spokespeople for LSU did not immediately respond to CBS Sports’ requests for comment.

Large athletic departments typically insure the bonus structure in coaches’ contracts through third-party insurance companies. Insurers then pass that risk on to specialist reinsurers, including well-known marketplaces such as Lloyd’s of London. 

But a new trend to counter insurers’ risk has emerged among sports insurers: prediction markets.

The New York Times reported Feb. 10 that Kalshi had begun working with Game Point Capital, which CBS Sports could not confirm. The New York Times described Game Point Capital as an insurance company that helps college athletics departments, sports teams and sponsors manage the financial risk of performance incentives written into athletes’ and coaches’ contracts. Game Point had historically laid that risk off through Lloyd’s of London and later through American providers. It told the Times it expected to hedge roughly $30 million a year through Kalshi.

“We want to offer the most efficient pricing for teams and other clients,” Will Hall, Game Point’s co-founder and CEO, told the Times.

Kalshi filed a rebate program with the Commodity Futures Trading Commission in January, allowing members to offset risk from insurance contracts written on sporting outcomes.

LSU trade data on Kalshi (Aug. 13)

Source: Kalshi public daily trade files

InGame reported that the LSU trades in August came from a third party that helps sports organizations hedge risks such as coach bonus payments, and identified Game Point — a Charleston, South Carolina, firm that lists the SEC, ACC, Big Ten and Big 12 among its clients on its website — as a company known to place such trades on Kalshi. Game Point would not confirm or deny involvement, InGame reported. Game Point did not immediately return CBS Sports’ request for comment Tuesday.

“The only thing I can confirm is that it is the third-party insurance company,” Jack Such, a Kalshi spokesperson, told CBS Sports. He declined to name the firm. 

The playoff market was not busy on Aug. 13. The contract on LSU reaching the quarterfinals and title game traded exactly once all day — the block by the unidentified third-party insurance company. In the playoff market, 837,500 of the day’s 837,735 contracts were that single trade on LSU making the playoff, according to data CBS Sports reviewed. 

More eye-opening, according to trade data CBS Sports reviewed, was that the risk priced at $343,375 for LSU to reach the playoffs was the largest on the entire Kalshi market that day. It also happened off the exchange because the public couldn’t absorb a large trade block of 837,500 contracts at that moment, so it found a private counterparty, a Kalshi spokesperson told CBS Sports. Kalshi doesn’t pair the sides, the Kalshi spokesperson said. Firms solicit bids and let market makers find the other side willing to participate.

If LSU reaches the playoff, the payout is $837,500, which more than offsets the $750,000 bonus Kiffin would be owed for reaching the postseason event. If the Tigers win it all and hit all five rungs, the Kalshi payout — and Kiffin’s separate CFP bonus — increases to $3 million.

Kalshi is not a sportsbook; it is a federally licensed exchange. With sportsbooks like FanDuel and DraftKings, when a bettor picks a side, the sportsbook takes the other side, sets the price and books the risk. Kalshi doesn’t take a side. It matches buyers and sellers and collects a fee, an arrangement that resembles a stock exchange more than a casino.

People trade contracts on the Kalshi market with simple yes-or-no answers on topics such as politics, weather, pop culture, cryptocurrency, and sports.

Federal rules require Kalshi to publish trade data daily for the public. The Commodity Futures Trading Commission designated KalshiEX LLC a contract market in November 2020, the same status held by exchanges trading oil, grain, and interest-rate futures. 

South Carolina’s future was big on the market, too 

Kalshi confirmed to CBS Sports that similar trades involving South Carolina’s football program were placed July 15.

The trade file shows four trades, though InGame confirmed two in its report. Three were on the Gamecocks making the CFP — 40,000 contracts at 5:33 p.m., then 40,000 more and another 50,000 in the space of 17 seconds just before 6:53 p.m. Nine seconds after that came a fourth: 100,000 contracts on South Carolina winning eight or more games.

Together they cost $41,300 and cover up to $230,000.

“The University of South Carolina does not have agreements with Game Point Capital or any other third-party insurer related to coaching bonuses, nor is aware of any arrangements to use trading markets to hedge against future bonus payments,” a South Carolina spokesperson told CBS Sports. 

South Carolina trade data on Kalshi (July 15)

Source: Kalshi public daily trade files

Why would an insurance company use Kalshi and not another reinsurer?

Schools typically buy insurance policies against a large bonus they may owe in the future. The insurance company can then reinsure it through another company, but in Game Point Capital’s business plans, Kalshi has become the new offset. 

Such told CBS Sports the exchange is effectively acting as a reinsurer in these arrangements.

It has already happened in European soccer. In June, Semafor reported that a top-flight Spanish club facing relegation — and the loss of ticket and broadcast revenue that comes with it — was covered through Game Point, which routed the trade through commodities broker Greenlight Commodities and onto Kalshi. Susquehanna International Group took the other side. Hall told Semafor the firm wanted to see how prediction markets would handle a large, binary outcome. 

College athletics, however, is different. Kalshi works with integrity firm IC360, which maintains league- and NCAA-supplied lists of athletes, coaches, trainers and staff and screens them out of markets tied to their own sport, according to Kalshi’s market integrity disclosures.

“None of the entities trading on Kalshi have material non-public information about the events that will happen,” Such said.

Still, many may see this as a school betting against its own team. “Betting against yourself is kind of a weird way to phrase insurance,” Such said.

The NCAA’s stance on prediction markets like Kalshi further muddies the waters. In December, Kalshi filed to include predictions on college players entering the transfer portal. NCAA president Charlie Baker said at the time he “vehemently” opposed college sports prediction markets. Kalshi stepped back and shelved the product.

One month later, Baker asked the CFTC to suspend college sports prediction markets until new safeguards are in place. In July, he repeated that message to Congress in written testimony, asking that the NCAA be consulted on which college markets are listed, along with secure player protection from harassment.

The NCAA did not immediately respond to CBS Sports’ request for comment for this story Tuesday.

Kalshi is in state or federal court with at least 15 states and three tribal groups, according InGame. Judges in Michigan, Nevada and Washington have ordered restrictions on the platform.

Long before Arsenal said no to Aston Villa’s high price on Morgan Rogers, or the club made clear the grand plans they had for Vinicius Junior and Julian Alvarez, there was another message that shaped their entire summer. And, just as significantly, the feel around the club right now.

That was Mikel Arteta’s grand appeal as he sat in Budapest’s Puskas Arena as a beaten Champions League finalist.

“We will have to start making some very important decisions if we want to reach another level,” the Basque said. “We are going to have to show that ambition because we are more than capable of doing it, but it is going to demand us to be very ambitious, very fast and very smart.”

This was naturally taken as a coded request for a star to elevate Arsenal’s attack, but they didn’t quite crack it.

They didn’t get that “absolute quality”, even if the club did show ambition and do some smart business.

That has led to a few different perceptions on the squad, depending on the perspective. Above all, there’s the view that Arsenal should have behaved like champions, and stood on the neck of the rest of the Premier League.

They did pin some of it down.

The defence remains the strongest in the world, boosted by Ezri Konsa, with the midfield offering the most complete amount of configurations possible.

All together, people both inside and outside the club are adamant it is by far the best squad in world football.

But still not a complete squad.

The attack is more lacking than before.

As one source puts it, it can’t be considered a good window when you lose three Premier League-ready forwards and only bring in a single unproven forward, in Christos Tzolis.

There’s a lot of talk about how this puts “a microscope” on sporting director Andrea Berta, especially among some scepticism about the Italian’s approach at rival clubs.

Again, though, this partly depends on perspective.

Some insiders say the failure to deliver on the one main ambition this summer is a corollary of delivering on everything last summer. They built the deep squad required that did win them the title.

This summer, Arsenal did need to make sales. And, in attack, they needed to go big.

Berta’s “wheeler dealer”, “spinning plates” approach to targets is now being criticised, but sources say there are two relevant perspectives on this.

One is that the “spinning plates” brought Konsa and Bruno Guimaraes, with the latter already being hailed as transformative.

Another is that approach was, rightly, not applied to the pursuit of that left forward.

Arsenal knew that there was only a very limited pool of players that would satisfy what they actually needed, and most of them were at the big Spanish clubs. The only thing that would do for them was seeking to execute the most sensational deals.

Arsenal did feel they had Vinicius, until Real Madrid made an contract offer that few expected. Florentino Perez ultimately couldn’t allow the loss of face of losing such a player.

Even those critical of Berta would admit that, in such situations, it’s better to wait and keep your discipline. It can sometimes be worse to get the wrong player for the sake of it, especially in a market with such unusually high prices.

Some would go further, and say it was the toughest job of any sporting director. It’s not like Tottenham Hotspur or Chelsea, who had a lot of room to grow.

Against that, others would point to one of the Chelsea players that Arsenal will be facing this weekend, in Rogers. Football is often good for the timing of such sub-plots.

One view has it that Arsenal waited too long, allowing the price to go up with Elliot Anderson’s, while they had an eye on the more fanciful pursuit of Vinicius.

An explanation within the club is that it wasn’t about waiting but respecting a World Cup campaign, as Chelsea came in with a valuation that Arsenal were never going to match.

If much of that is reasonable, right up to the pursuit of stars, less understandable is the net effect on the attack.

Even figures within the club cannot understand how the forward line has less depth than last year, while also having less pace. They argue that the sales that led to this characterised a more haphazard approach late in the window. Or, as one source lambasts, “all over the place”.

Others within the club would contend that sale opportunities had to be taken for those that weren’t going to play as much, and that there was a longer-term situation with Gabriel Martinelli than just selling late in the window. The Brazilian has talked of leaving in the past.

Arteta and his staff will meanwhile look to coaching solutions. While Eberechi Eze will now adapt more to the left-sided role he was initially intended for, his deployment there will also bring a tweak to the formation that sees Riccardo Calafiori and Piero Hincapie surge outside. That could already be seen in Bukayo Saka’s goal against Aston Villa.

Saka and Madueke can also operate on the left, while Mikel Merino has now fully learned the centre-forward position. And the World Cup winner is now fit.

If part of Arteta’s will for an “x-factor” forward was because too many of last season’s matches involved low margins, that was largely because most of the first-choice attack was absent.

All of Kai Havertz, Martin Odegaard and Saka missed long stretches of the season.

The hope is that will now be different, and that the trio playing consistently will change perspectives there. One note of caution, however, is whether Arteta himself has truly evolved from last season’s climax as regards intensity of training and use of players; whether he fully realises the need to keep it lighter in a packed schedule, or if he will persist in constantly playing his best sides as much as possible.

If it gets to that, though, Arsenal are likely to do business in January. Bournemouth’s Eli Junior Kroupi will almost certainly be an option. The situations of Alvarez and maybe even Vinicius could actually have changed.

Mere mention of January only reminds some in the club that they should have gone for Antoine Semenyo earlier this year. He wanted to come, at what would have been a relatively low price. It would have solved a lot, and there’s an element of regret.

Arteta is said to have taken note of how Manchester City just went and did it.

He still has his champions in fine shape, and appropriately as one of the few that adhere to classic ideas of actual squad building. That advantage is undeniably linked to Arteta’s own status as the longest-serving manager, in a rare position of complete control.

It’s just that, by successfully building the best squad, one big failure has been felt more acutely than almost anyone else.

UCLA fired athletic director Martin Jarmond on Monday and replaced him with Tim Harris, the former longtime president of business operations for the Los Angeles Lakers.

The shake-up was announced in a letter from Chancellor Julio Frenk to the university community. Frank described it as a “new path forward for UCLA Athletics.”

Jarmond, who had the job for six years, leaves immediately. The Bruins won three NCAA championships last season, including the first by the women’s basketball team.

Harris, 64, will have the title of CEO and athletic director and work on a pro bono basis, Frenk wrote. Harris graduated from UCLA in 1989 with a sociology degree and played goalkeeper for the men’s soccer team while in Westwood.

Harris spent over 35 years with the Lakers and left the NBA franchise in February, four months after the Buss family sold it to Los Angeles Dodgers owner Mark Walter. Harris was among Lakers governor Jeanie Buss’ inner circle who received a major financial bonus after the sale. The team was recently sold again.

Jarmond, 46, replaced Dan Guerrero as AD in 2020. He signed a five-year contract extension in May 2024. During his tenure, the athletic department has run yearly deficits for seven consecutive years, totaling $241 million in shortfalls.

UCLA joined the Big Ten Conference two years ago, raking in millions of dollars in media rights fees while also facing increased travel expenses. Its deficit was reduced to $21.6 million for the 2025 fiscal year. The university has repeatedly bailed out the athletic department to keep it afloat.

Frenk cited the financial situation as a reason for the change.

“UCLA Athletics currently carries a significant financial debt, and its current path is not sustainable,” Frenk wrote. “Now is the moment to build a model for Athletics that protects the breadth of our program, creates new opportunities for student-athletes and coaches, and supports itself through the revenue it generates.”

Frenk mentioned the rapid transformation of college sports in recent years, propelled by name, image and likeness deals that allow athletes to earn money.

“UCLA must have an athletics model that leads — not just keeps pace,” he wrote.

Jarmond won’t be around to see the debut of his last major coaching hire. Bob Chesney arrived in early December from James Madison to reinvigorate UCLA’s moribund football program. The Bruins open the season at California on Saturday.

Reporting by the Associated Press.

The impressive main event performances in this season’s Dana White’s Contender Series events continued on Tuesday with Adam Darby’s third-round stoppage of Patrick Rivera at the UFC Apex in Las Vegas.

Darby, the current Cage Warriors welterweight champion, used his long 6-foot-3 frame to keep the shorter Rivera at bay from the opening bell. With the distance established, Darby worked behind long straight punches and kicks as Rivera struggled to build any momentum.

Darby showed a patient, professional approach, never pressing his advantage too hard and simply picking away at Rivera.

By the end of the second round, Rivera’s face was bloodied and it seemed his best chance at a victory was the moral kind of simply reaching the final bell.

Darby wasn’t content to sit back on a comfortable lead and continued to slam home shots as Rivera’s face became more and more of a mess. After the referee stepped in to allow the doctor to check Rivera, the fight was waived off and Darby improved to 8-1 as a professional. The fight was the first on American soil for the Irishman, who will likely fight in America more often as a member of the UFC welterweight roster.

In the night’s co-main event, Modestino Rodrigues came out of the gate like a house on fire, charging forward with a constant barrage of punches. It took less than 15 seconds for one of those Rodrigues shots, a right hand, to catch Brandon Holmes on the chin and drop him for the stoppage. With the win, Rodrigues improved to 8-1 in his professional MMA career, with all nine of his fights ending by knockout. After the fight, UFC CEO Dana White called the stoppage one of the worst he’d ever seen, but said it was not Rodrigues’ fault before awarding him a UFC contract.

In a fun and bloody lightweight scrap, Silvestre Sanchez took Liam McCraken’s best shots but never stopped coming forward. With steady pressure in both the grappling and striking game, Sanchez eventually broke down McCraken before a left hook put McCraken down for the finish in Round 3.

Despite entering Tuesday as a +185 underdog, Gabriel Lorenco impressed with a stoppage of Charlie Cleveland in their heavyweight clash. Lorenco dropped Cleveland with a wide punch and continued to pour on the damage until the referee called a halt to the bout at the 2:02 mark of Round 1.

Dana White’s Contender Series Week 4 Results

Fighters receiving UFC contracts indicated by *

• Adam Darby def. Patrick Rivera via TKO, Round 3 *
• Modestino Rodrigues def. Brandon Holmes via TKO, Round 1 *
• Silvestre Sanchez def. Liam McCraken via TKO, Round 3 *
• Gabriel Lorenco def. Charlie Cleveland via TKO, Round 1 *
• Adam Livingston def. Hunter Smith via split decision *

Lakshya Sen in action© BAI Media

Liverpool reportedly played a role in Chelsea failing to sign Lamine Camara on Deadline Day. They had reportedly told the midfielder and AS Monaco to wait for their potential bid.

The Blues sold Enzo Fernandez to Manchester City for a reported fee of £125 million late in the transfer window. They were looking to sign a replacement, with Manu Kone and Lamine Camara on their list. However, Roma manager Gian Piero Gasperini reportedly blocked Kone’s move this late in the window.

Chelsea then turned to Camara and appeared set to sign him. However, the move broke down late on Deadline Day. Journalist Ben Jacobs revealed on talkSPORT that Liverpool might have played a part in the failed transfer. He said:

“Liverpool made a call this evening to say to the camp of Camara & Monaco to ‘wait’… They said we will, potentially, be back for you in 2027 if you don’t get your move.”

Jacobs explained that Monaco had set the price for Camara at £70 million this summer. The Merseysiders reportedly told them that they might be interested in signing him, but they didn’t. Hence, the French side decided to wait for another window instead of selling him cheaply to Chelsea this summer.

Camara joined Monaco from Metz in 2024 and has made 75 appearances for them and also contributed six goals and 11 assists.

A look at Liverpool and Chelsea’s transfer business this summer

Both Premier League giants are looking to enter a new era with new managers this season. While Liverpool sacked Arne Slot and appointed Andoni Iraola this summer, Chelsea have appointed Xabi Alonso, having parted ways with Enzo Maresca in January. Both sides were also highly active in the transfer market.

The Reds spent £106 million plus add-ons to sign Bradley Barcola from Paris Saint-Germain (PSG). They have also brought in Victor Munoz, Jeremy Jacquet, and goalkeeper Lucca Brughmans. They also signed Ronald Araujo on loan from Barcelona.

Liverpool parted ways with Andy Robertson, Mohamed Salah, and Ibrahima Konate this summer. They also sold Curtis Jones and Stefan Bajcetic, while loaning out the likes of Harvey Elliott and Calvin Ramsay.

Chelsea, meanwhile, signed Morgan Rogers from Aston Villa for £117 million. They have also brought in Maxence Lacroix, Marco Palestra, Emi Martinez, Jordan Henderson, and Danny Welbeck, among others.

In the case of outgoings, the Blues have parted ways with Nicolas Jackson, Enzo Fernandez, Marc Cucurella, Liam Delap, Trevoh Chalobah, and Tosin Adarabioyo, among others.