NHL Signs Deal with Prediction Platforms: New Direction in 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 on the sports betting landscape. 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 sporting and other events. Unlike traditional bookmakers, these platforms operate in all 50 states, including California and Texas, where sports betting is not legal. 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 has partnerships with ten betting houses in the United States and Canada and believes that prediction markets have not harmed the betting houses so far, but are expanding the ecosystem.

The volume of sports betting is growing for bookmakers. We believe that the rising tide is lifting all boats here.

Keith Wachtel, NHL chief business officer

Kalshi is facing multiple lawsuits from state gambling regulators alleging that the company is violating state laws by offering event contracts that mimic sports betting. Kalshi argues that it is not subject to state jurisdiction and is instead 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 explained 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 to 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 chief business officer

The American Gaming Association, the casino trade group, called the NHL’s actions “deeply concerning” and described Kalshi and Polymarket as “undercover gambling schemes masquerading 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. Kalshi CEO Tarek Mansour stated in a press release: “It should be clear now: prediction markets are here to stay.”