Last night’s chaotic outcome to the Western Michigan-Michigan game created true chaos for the prediction markets, which have learned a valuable lesson once taught by Yogi Berra.
It ain’t over ‘til it’s over.
Via Marshall Cohen of CNN, Kalshi confirmed that it prematurely, and incorrectly, treated the game as a Western Michigan win. Kalshi later flipped the outcome, taking back money from the winners, reimbursing the losers, and then making the accurate payouts.
In all, Kalshi had $18.6 million in volume on the game.
Hopefully, Kalshi and Polymarket will be a little more patient the next time something like this happens. Otherwise, it’ll be déjà vu all over again.
