The National Collegiate Athletic Association (NCAA) is again turning up the pressure on prediction market operator Kalshi, this time tying its trademark concerns directly to March Madness, the association’s signature men’s and women’s basketball tournaments.
The NCAA claims that Kalshi has used its name, marks and event branding in ways that suggest an official link. March Madness is owned and controlled by the NCAA, and the association says any implication of endorsement or verification crosses a legal line.
In a statement sent to ReadWrite, the NCAA made its position clear: “The NCAA has previously addressed issues with Kalshi illegitimately using NCAA marks for their offerings. This continues to be a misrepresentation of any NCAA involvement, and we have requested immediate removal of NCAA trademarks.”
“The NCAA has previously addressed issues with Kalshi illegitimately using NCAA marks for their offerings. This continues to be a misrepresentation of any NCAA involvement, and we have requested immediate removal of NCAA trademarks.” @NCAA told @RWW
— Suswati Basu (@suswatibasu) February 21, 2026The rebuke builds on months of tension between college sports leaders and the fast-growing prediction market industry, where users can trade contracts tied to the outcomes of NCAA football games and March Madness matchups.
Federal regulators face mounting pressure amid NCAA challenge over Kalshi ‘March Madness’ trademark
Earlier this year, NCAA President Charlie Baker appealed directly to the Commodity Futures Trading Commission, asking the agency to put college sports prediction markets on hold until stronger guardrails are in place.
In his January 2026 letter, Baker warned that the rapid expansion of these products presents a threat to the well-being of student-athletes and argued that competitions could be exposed to harm without stricter oversight. He urged regulators to suspend the markets “until a more robust system with appropriate safeguards is in place,” pointing to worries about age verification, advertising practices, and the risk of harassment or insider-driven activity.
The latest flashpoint centers on language displayed on Kalshi’s platform. In a letter made public last autumn, NCAA Senior Vice President and Chief Legal Officer Scott Bearby objected to wording that read “Outcome verified from NCAA,” which linked directly to the NCAA’s official website. According to the association, that phrasing could easily lead users to believe the NCAA formally verifies or approves results used in Kalshi’s contracts, including those tied to March Madness.
Bearby proposed replacing it with “Outcome sourced from NCAA.com” and called for clear disclaimers stating that Kalshi is not affiliated with or endorsed by the NCAA. From the association’s perspective, that distinction is essential to protect the value of its trademarks and avoid confusion around its marquee events.
Kalshi has previously said it is reviewing its site language in response to the concerns.
The friction extends beyond branding. In late 2025, Kalshi moved to self-certify contracts tied to individual athletes entering the NCAA transfer portal. The proposal triggered sharp criticism from college sports officials, and the company later said it had “no immediate plans to list” those personalized markets.
All of this is unfolding as regulators and courts debate whether prediction markets operate more like financial exchanges or unregulated sports betting. While the CFTC maintains it has primary authority, several states have challenged certain contracts.
Featured image: Canva / Kalshi / NCAA
NCAA renews trademark fight with Kalshi over March Madness markets ReadWrite.
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