Kalshi reverses payouts after Michigan’s last-play win
Michigan’s dramatic 13–12 win left Kalshi reversing an early settlement, with some customers reporting payout delays.
Prediction Contracts editorial · Updated · 2 min read
Kalshi mistakenly settled its Michigan–Western Michigan market as a Michigan loss on Saturday, setting off a round of payment reversals after the Wolverines won on the final play. The company acknowledged the error, CNN reporter Marshall Cohen reported on Sunday.
Michigan beat Western Michigan 13–12 after Bryce Underwood found JJ Buchanan for a 47-yard touchdown as time expired. The Wolverines had trailed 12–7 with 35 seconds remaining.
The winning play came after officials restored one second following a replay review. According to the Big Ten’s explanation, a Western Michigan defender had touched the preceding pass after jumping from out of bounds, stopping the clock before time ran out.
Cohen reported that Kalshi recovered payments from customers who had incorrectly been declared winners, reimbursed those initially marked as losers, and paid the correct winners. Kalshi’s game page now lists Michigan as the winner.
For customers, the reversal was confusing. One Western Michigan contract holder wrote on Reddit that they had withdrawn their payout, only to find a negative balance afterward. By Sunday, some customers said they had been paid, while others were still waiting on combo payouts—contracts covering multiple outcomes—including on Robinhood.
Users also reported receiving $50 credits after the game. One said the credit followed the reversal of their Western Michigan payout, though the terms and eligibility for those credits remain unclear.
It remains unclear how many accounts were affected or whether every outstanding payout has been completed.