The NCAA wants Kalshi to make clear they have no formal relationship. 

The college sports governing body sent a letter to Kalshi on Monday expressing concern that language on its platform suggests an official affiliation. The NCAA was particularly unhappy with Kalshi using the phrase “outcome verified from NCAA” in connection with event contracts for NCAA games.

“The NCAA is concerned that this language will imply to the consuming public that the NCAA has some relationship with Kalshi which involves the NCAA ‘verifying’ or ‘approving’ data for Kalshi,” the letter said. “Given the NCAA’s stance on sports betting, this could cause significant harm to the value and goodwill of the NCAA brand.”

The NCAA has historically opposed sports betting, though its stance has softened as the practice has become more mainstream. Last month, new rules were approved to allow current college athletes to bet on professional sports—although implementation was delayed following the NBA gambling scandal and the NCAA’s own investigation into about 30 current or former men’s basketball players for potential gambling violations.

While the NCAA may be moving toward allowing its athletes to bet on pro—not college—sports, it does not want Kalshi giving the impression of any formal connection. The organization asked Kalshi to revise the language on its platform and to add a disclaimer to any page related to NCAA games. 

A Kalshi spokesperson said Monday the company is “working on adjusting the language on our site.”

The letter also raised broader integrity concerns, asking whether Kalshi will cooperate with NCAA investigations into potential violations, including by “prohibited” customers such as coaches, officials, or athletes. Additionally, the NCAA asked whether Kalshi will ban prop bets, noting state regulators share its view that such markets increase integrity and harassment risks. 

Kalshi said it “has robust market integrity provisions required by our status as a federally licensed financial exchange” and is “currently reviewing and addressing” all of the NCAA’s requests.

The letter comes less than two weeks after Kalshi—and its primary competitor, Polymarket—secured multiyear agreements as “official prediction markets partners” of the NHL, gaining access to proprietary data and the right to use NHL logos. Kalshi also has a deal with Pro Padel League, but it has yet to gain support from other top pro leagues like the NBA, NFL, and MLB.

A source familiar with the NFL’s thinking tells Front Office Sports the league “is not considering these partnerships.” In August, the NFL expressed concern about the lack of regulatory requirements for prediction markets when compared to legalized sports betting. Under NFL policy,  players and league personnel cannot currently trade on NFL games on platforms like Kalshi and Polymarket, although they are allowed to trade on non-NFL events as long as they aren’t doing it while at work. That’s the same as the league’s sports betting policy.

The NFL and MLB declined to comment Tuesday, and a representative for the NBA did not immediately respond to a request for comment.

Kalshi recently raised $300 million at a $5 billion valuation and has reportedly received recent takeover interest, but among the main players in prediction markets, it seems to be facing the most pushback. Since launching sports event contracts in January, the company has faced numerous cease-and-desist orders from state regulators—most recently in New York. In turn, Kalshi has sued regulators in multiple states. It has also been hit with state court lawsuits that also name Robinhood as a defendant.

Polymarket had been barred from operating in the U.S. since 2022 until recently, but it is planning to relaunch in the country imminently, reportedly with a focus on sports. DraftKings and FanDuel have each recently reached deals to enter prediction markets. 

Kalshi spokesperson Sara Slane tells FOS that “it’s no surprise we’ve got a target on our back—that comes with doing something right.”

She says the company has been “proactive from the start” in reaching out to leagues, including the NCAA, “because we want a partnership.”

“We want to use official league data, promote integrity, and do what is best for our consumer,” Slane says. “Our deal with the NHL demonstrates how integrity and innovation can coexist under one federal framework—a much cleaner solution than the state-by-state patchwork leagues face today.”

UFC has parted ways with a fighter whose loss on Saturday has been tied to curious sports betting activity.

Isaac Dulgarian lost in the first round at UFC Fight Night in Las Vegas to Yadier del Valle after being favored in the event. Commentator and fighter Michael Chiesa called Dulgarian’s showing in the match an “F- performance” and “absolute trash.”

Shortly before the fight, Dulgarian’s odds to win dropped from about -250 to around -130. The betting monitoring firm IC360 alerted UFC of unusual activity on del Valle winning in the first round, according to ESPN.

The Nevada Athletic Commission has withheld its purse for Dulgarian, according to Uncrowned, which also first reported the news that the fighter had been cut for his loss.

“Like many professional sports organizations, UFC works with an independent betting integrity service to monitor wagering activity on our events,” UFC said in a statement. “Our betting integrity partner, IC360, monitors wagering on every UFC event and is conducting a thorough review of the facts surrounding the Dulgarian vs. del Valle bout on Saturday, November 1. We take these allegations very seriously, and along with the health and safety of our fighters, nothing is more important than the integrity of our sport.”

Caesars Sportsbook said it would refund users who bet on Dulgarian to win. William Hill, whose U.S. operations are owned by Caesars, issued an identical statement a few minutes later. DraftKings noted “integrity concerns” with the fight but have not yet issued refunds.

The allegations of fight-fixing come just weeks after the FBI indictment of current NBA player Terry Rozier and former player and coach Damon Jones for altering their play or sharing nonpublic information for betting gains. The allegations stemmed from the same investigation that resulted in Jontay Porter’s lifetime ban from the NBA for gambling and sharing information and manipulating his play for betting purposes.

In the fighting world, UFC has let go of other fighters in recent years for ties to betting and match-fixing, including Darrick Minner, who was suspended, and Tae Hyun Bang, who served a 10-month prison sentence. In response to the news about Dulgarian, several fighters posted online that they have been approached about throwing fights, including Lando Vannata and Vanessa Demopoulos. Vince Morales said in a now-deleted post on X/Twitter that he had been offered $70,000 to throw a fight several years ago.

On Tuesday evening, UFC CEO Dana White confirmed the FBI is involved. White said UFC reached out to Dulgarian when IC360 initially alerted them to suspicious betting activity, and the fighter denied any injury or intentions to throw the fight. After his first-round exit, “Literally the first thing we did was call the FBI,” White said, who added he’d met with the FBI twice Tuesday and had spoken with the agency’s director, Kash Patel. White said reports about widespread match-fixing is “total bullshit,” but that this investigation will combine with the ongoing one into the Minner case.

“If you try to do this … we will do everything we can to make sure you go to prison,” White said.

White also condemned fighters who recently said they had been approached about match-fixing but hadn’t alerted UFC or the authorities. “They’re going to be approached now by the FBI,” he said.

FC Dallas goalie Maarten Paes is still in his prime, but he’s already looking to parlay his playing career into long-term business success through a diverse investment portfolio that spans real estate, technology companies, beverage brands, and pro sports teams.

Paes, 27, first began investing when the COVID-19 pandemic hit, as the uncertainty of sports pushed him to think about his future. He asked himself, “What do I have if football falls away?” 

“The answer was almost nothing,” he tells Front Office Sports.

He immersed himself in educational studies, books, and podcasts about the world of business—he points to the episode of Maverick Carter’s Kneading Dough podcast with LeBron James as something that particularly inspired him.

“I started in real estate, and after that base was set, diversified into venture capital and private equity,” he says.

Today, the MLS goalkeeper’s portfolio includes Tiger Woods and Rory McIlroy’s indoor golf league TGL (he’s invested through a fund from Apex Capital), racket-sports-focused social club operator Ballers, beverage brand Spindrift, AI-powered sports media platform ScorePlay, and, most recently, Pro Padel League team the New York Atlantics.

Paes—who has a little more than $1.55 million in career earnings through playing contracts, according to Capology—recently spoke with FOS about his entry into the investment world, how he approaches diversification, and more.

Front Office Sports: Once you decided to begin investing, how did you start?

Maarten Paes: I needed a place to live and was looking at renting a super expensive apartment in Amsterdam. My financial adviser said, “Wait, why don’t you buy something?” I wasn’t sure what I could afford, but we found a house I could build from scratch in the city of Utrecht. That became my project during COVID. I learned to hustle and did most of the work for that house myself. Afterwards, I learned how to build teams for stuff that I don’t want to do.

When it was done, the house was worth much more. I leveraged that into a second property, which I also renovated, and at that point my plan was to use the same formula over and over.

But interest rates started to rise, and housing prices in Holland were very high. I was able to have passive income through renting properties and started looking at venture capital and private equity. 

FOS: VC and PE investments are very different from real estate. Tell me about your entry into those worlds.

MP: I met one group, Apex Capital out of Portugal, and they helped me a lot. And because I invested in a fund first, it helped me to spread out risk. I had made some investments on my own at the beginning, but those probably weren’t the best investments. That was really my “learning money.” Over time, I built a team that could source deals with me and help with due diligence. Now, a few times a month, we meet to review new opportunities and figure out how to add value to my existing investments.

FOS: In addition to Apex, you’ve worked with Patricof Co. in the U.S. Both are firms that bring together athletes for investing. How did you get involved, and what is unique about those platforms?

MP: It’s a very small world, the athletes that are into this. With Apex, it’s basically a group of elite athletes from across Europe who acknowledge that, individually, we may not be LeBron James, but if we combine forces, we can have the same success with companies. It’s the same thing with Patricof. They do the due diligence, find a good deal, and source athletes who are willing to use their platform. For athletes like me, who have five to ten years left in their playing careers to earn money, it’s a great way to grow your brand and portfolio.

FOS: What’s your overall goal with investing? Is it just about return on investment, or something else?

MP: It’s a mix. First, I want to diversify as much as possible. But I also look for investments that connect with my life and playing career. I want to build a flywheel of different investments that almost use each other. For example, I’m a huge fan of the sport padel, which is why I did Ballers. Now, I’m also in the New York Atlantics. 

FOS: How hands on are you? And how do you balance the work you do with your investment portfolio, your playing career, and your general work-life balance?

MP: As professional athletes, we have a lot of free time. A lot of guys use that time for things like gaming, but I found something I really like in the form of business. Most of the time, when I’m hands on, it’ll be as far away from game day as possible.

I’m starting to learn to be less hands on, building and trusting my team. Right now, it’s going in the right direction. I certainly want to be hands on as much as I can, especially when I can add value, go to events, etcetera. 

But I also want to keep the main thing the main thing, and that’s football. I know that if I play good on the pitch, that’s going to elevate every single business of mine.