NHL signs deal with prediction market platforms: Impact on betting

NHL Partners with Prediction Markets: A New Era in Sports Betting

The National Hockey League (NHL) has announced multi-year agreements with prediction market companies Kalshi and Polymarket, marking a milestone in the growing influence of these markets in the field of sports betting. This agreement represents the first collaboration between prediction markets and a major professional sports league in the United States. Prediction markets like Kalshi and Polymarket allow users to trade on the outcome of events, including sports. Unlike traditional bookmakers, Kalshi and Polymarket operate in all 50 states, including California and Texas, where sports betting is not legal. Recently, Kalshi incorporated sports parlay betting into its platform. The licensing agreement will allow companies to use the league’s data, as well as its brands, logos, and official designations, in a manner similar to the league’s agreements with its official betting partners. Following the announcement of the agreement, Kalshi offered contracts on the Stanley Cup champion, along with the “Professional Football Champion” and the “Professional Basketball Champion”. The NHL maintains partnerships with ten betting houses in the United States and Canada and considers that the prediction markets have not harmed the betting houses so far, but that, in fact, they are expanding the ecosystem.

We believe that the rising tide is lifting all boats here.

Keith Wachtel, NHL Chief Business Officer

Kalshi faces multiple lawsuits from state gambling regulators, who allege that the company violates state laws by offering event contracts that mimic sports betting. Kalshi argues that it is not subject to state jurisdiction and, instead, is regulated by the Commodity Futures Trading Commission, a federal agency. In letters to the CFTC earlier this year, the NBA, NFL, and MLB, which have official partnerships with betting houses, expressed their concern for the protection of sports integrity in this new market. Wachtel stated that the NHL believes that partnering with Kalshi and Polymarket helps the leagues safeguard the integrity of the games.

As a league, we will be able to work with them on which markets they include in their efforts. That’s much better for all of us, not just the NHL, but for all sports properties.

Keith Wachtel, NHL’s president of business

The American Gaming Association, the casino industry’s trade group, called the NHL’s actions “deeply concerning” and described Kalshi and Polymarket as “undercover betting schemes disguised as ‘financial products’.”

This measure sends a worrying message: that integrity, responsibility, and clear legality are optional in sports games. No professional league should lend its brand to companies that operate defying state law and consumer protection standards.

Bill Miller, president and CEO of the AGA

In recent months, FanDuel and DraftKings have positioned themselves to enter the prediction market space.

It should be clear now: prediction markets are here to stay.

Tarek Mansour, CEO of Kalshi