Unless a rule includes a provider-specific exception below, it applies to both providers that carry golf (Kalshi and Crypto/Nadex).
What happens if a golfer withdraws or is disqualified?
After teeing off: all trades stand and the golfer's markets resolve to No. This applies whether the golfer withdraws, is disqualified, or otherwise fails to complete the tournament — including a withdrawal for injury mid-round.
Make the Cut is the exception: if a golfer makes the cut and then withdraws or is disqualified during the weekend rounds, the market still resolves to Yes, because the cut had already been made.
In a 3-ball matchup, a golfer who withdraws after teeing off is treated as having the worst score in the group, and the matchup resolves between the remaining golfers.
Before teeing off: if a golfer never tees off — including a pre-tournament withdrawal or administrative removal — markets resolve to the last fair price, except Tournament Winner and Leader After Round 1, which resolve to No.
EXCEPTION: Nadex (Predictions powered by UDM Services, LLC): If a player withdraws or is disqualified before teeing off, or otherwise does not compete, all contracts for that player are treated as Event Cancelled — not last fair price and not No. If the player withdraws after teeing off for the first round, all trades stand, and contracts on that player settle out-of-the-money.
What happens if a tournament is shortened?
If the tournament is officially shortened from its scheduled number of holes — 72 down to 54 for weather, for example — but the governing body declares an official winner and final leaderboard, all markets settle on that official result.
Round matchups additionally require at least 36 holes (two full rounds) to be completed. If fewer than 36 holes are played and no official result is declared, the market resolves to the last fair price.
Make the Cut settles on the official cut determination as long as the cut is announced after at least 36 holes.
What happens if a tournament is postponed or suspended?
Markets remain open and settle on the official final leaderboard once play is completed, provided the tournament finishes within two weeks of its originally scheduled start date and the rescheduling is announced within one week of that date. If it's postponed beyond that, markets resolve to the last fair price.
For a round-scope matchup suspended mid-round (darkness, for instance), the round is considered complete once the golfers finish all required holes, even if play resumes the next day.
EXCEPTION: Nadex (Predictions powered by UDM Services, LLC): Golf is subject to the standard 48-hour rule, not a two-week window. If the tournament is postponed, cancelled, or otherwise not completed within 48 hours of its originally scheduled start, it is treated as Event Cancelled. Contracts settle only if an official result is declared by the governing body; if not, all unsettled contracts are treated as Event Cancelled.
What happens if a tournament is cancelled?
If the tournament is cancelled outright and no official final leaderboard is produced, all markets resolve to the last fair price. If it's cancelled after the official cut has been determined, Make the Cut markets settle on cut status at the time of cancellation.
EXCEPTION: Nadex (Predictions powered by UDM Services, LLC): The market settles as Event Cancelled.
Full Rules
For complete rules, reference the market provider's full rulebook:
Kalshi: Kalshi Rulebook