Kalshi reverses Michigan market payout after stunning last-second touchdown chaos erupts

Kalshi had to reverse payouts on a college football market after incorrectly declaring Western Michigan the winner before the game's final moments had been decided. The heavily traded "Western Michigan vs. Michigan" market saw about $18.6 million in trading volume, according to reports. Kalshi initially paid contracts based on a Western Michigan victory, but later reversed those transactions and paid traders holding winning Michigan contracts.

Kalshi confirmed the mistake and said they corrected the result to a Michigan win, reimbursing the initial losers and paying the rightful winners. Michigan ultimately won the game after a last-second Hail Mary touchdown by quarterback Bryce Underwood, after officials reviewed a questionable final play.