MULTI-SPORT · NORTH AMERICA · 2026-10-22

SIG, SGP, and the other side of the contract

By Full Spectrum Sports Intelligence · 2026-10-22

Susquehanna International Group is the parent. Susquehanna Government Products is the subsidiary that became Kalshi's first dedicated institutional market maker. The Utah complaint names both. This page explains how the structure works and what it means for the user.

Susquehanna International Group (SIG)

SIG is a privately held proprietary trading firm founded in 1987 in Bala Cynwyd, Pennsylvania. It is one of the largest quantitative trading firms in the world, with more than 3,500 employees across 16 offices. It trades options, equities, ETFs, fixed income, energy, commodities, FX, and crypto using its own capital. In 2023 the firm established a dedicated prediction-markets trading desk under the name Susquehanna Predictions. By September 2026 that desk had grown to roughly 80 people and had merged the firm's earlier European sports-betting team into the same unit.

Susquehanna Government Products, LLLP (SGP)

SGP was incorporated in Delaware in 2003 and is headquartered at the same Bala Cynwyd address. It was originally focused on U.S. government securities and related fixed-income products. In April 2024 SGP was onboarded as Kalshi's first dedicated institutional market maker. It is the legal entity that posts continuous two-sided quotes and stands ready to take the other side of retail contracts. SGP has a minor regulatory history, including a 2014 CME fine of $32,500 for an automated trading system that posted aberrant quotes in Lean Hog options.

How the structure works on Kalshi

A retail user places a contract on a game outcome, a player prop, a snowfall total, or an election result. The platform matches that contract against a market maker. SGP is the primary institutional market maker. Kalshi Trading LLC is the in-house market-making arm. Both stand ready to take the other side so the contract can fill. The platform retains a fee on the trade. From the user side the screen looks like a sportsbook. From the operator side the role is the same: accept the stake, set the price, collect the fee, and pay the winner.

SIG has also co-launched Rothera, a separate CFTC-licensed exchange with Robinhood, and has solicited institutional hedging trades (including a $500 million World Cup exposure commitment). It has served as market maker on block trades arranged by Cantor Fitzgerald and on one-off hedges such as a conference organizer buying airport-disruption coverage. The same capital and the same quantitative models that price options and sports contracts are used across these venues.

Why the Utah complaint names both

The October 2026 complaint filed by Utah Attorney General Derek Brown names five Kalshi entities and two Susquehanna entities. The state alleges that the event contracts are indistinguishable from traditional sportsbook wagers and that the market makers take the other side of retail tickets. The complaint estimates $30.6 million to $61.2 million in fees collected from more than 32,000 verified Utah accounts and at least $5.5 million in estimated net losses by Utah retail users through May. A federal judge had already ruled that the Commodity Exchange Act does not preempt Utah's gambling ban. The appeal is pending.

What this means for the user

The house does not need the retail user to lose every ticket. It needs volume, a fee, and a market maker on the other side. The retail user needs the information the house already has: which legs are priced, which players are active, which sides the public is on, and which grades hold up.

Full Spectrum Sports Intelligence is a research desk. It grades games, filters player props against recent form and lineup confirmation, and publishes weather and signal data. It does not accept a stake, offer a contract, or take the other side. Users who trade on Kalshi or any other platform can read the research before deciding whether to place any ticket, or place none.

This page is research, not legal advice. The Kalshi appeal is pending and the status of event contracts in Utah is not settled.

Sources

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