The National Hockey League has become the first major sports league in North America to ink a deal with a prediction market platform. Two, to be exact.
The NHL announced Tuesday it has signed multiyear deals with Kalshi and Polymarket, the two biggest companies in the booming industry, naming them as the “official prediction market partners of the NHL.”
According to the NHL, the deal provides Polymarket and Kalshi with access to official NHL proprietary data and rights to use NHL marks, logos and official designations on their platforms and products.
Kalshi and Polymarket will also be allowed to use NHL marks and logos, and they will get advertising space on the dasherboards and the blue line slot during game broadcasts.
The X’s and O’s of the deal aren’t as important as what it signals: A significant step towards legitimacy for prediction markets.
Kalshi and Polymarket are rapidly growing in popularity due to their ability to offer markets on just about anything (Kalshi literally translates to “everything” in Arabic).
From political happenings, like the ongoing government shutdown or elections, to tentpole sporting events like the World Series, prediction markets provide wagering (or trading) opportunities on everyday life.
That said, the legality of prediction markets has long been scrutinized. To put it bluntly, they operate in a sort of gray area between legalized and unregulated.
Polymarket and Kalshi are trying to change that perception by going legit.
Kalshi is regulated by the Commodity Futures Trading Commission (CFTC), which is an independent agency of the US government that is overseen by Congress, while Polymarket is closing in on a similar setup after being banned by the CFTC four years ago.
Betting on the NHL?
Even if you’re not familiar with how prediction markets work, chances are that you’ve been served an ad from Kalshi in recent times.
Just like DraftKings and FanDuel did at the advent of the DFS boom in the 2010s and then again when PASPA was overturned in 2018, the folks at Kalshi are spending tons of money to get their product in front of you on broadcasts, social media, and other avenues.
As you can imagine, the pushback on prediction markets is robust. Some of it stems from legitimate concern about responsible gambling, while other opponents include gambling operators who view these companies as threats to their bottom line. The latter cohort, which also includes some politicos, believes that Kalshi and Polymarket are violating state gambling laws.
The criticism of the industry wasn’t enough to sway the NHL from diving into a deal with its two standard-bearers. And the deal is a clear signal that mainstream acceptance for prediction markets is getting closer.
“As prediction markets continue to evolve at a rapid pace, partnering with the two market leaders, Kalshi and Polymarket, provides a tremendous opportunity for the broadest fan engagement during the NHL season,” said Keith Wachtel, President, NHL Business. “Polymarket and Kalshi are ideal partners as this category continues to grow and expand.”
“The NHL has always been about giving fans an incredible experience. We’re excited to bring that energy to Polymarket, where fans can engage with the NHL and its teams in a new way,” said Shayne Coplan, Founder and CEO of Polymarket. “Together, we’re making the game more interactive and connected, and we appreciate the support of the NHL in recognizing the future of fan experiences benefits from engagement with prediction markets.”
“Teaming up with the NHL is an important milestone for Kalshi and the industry at large. To have a league like the NHL embrace Kalshi is a testament to the integrity, safety, and trust with consumers that Kalshi has spent years building during our time pioneering this asset class,” said Tarek Mansour, CEO of Kalshi. “It should be clear now — prediction markets are here to stay.”
The NHL has deals with a bevy of betting companies, including FanDuel, DraftKings, ESPN Bet, BetMGM and more.
Several teams in the league also have their own individual deals with gambling operators, both in the U.S. and Canada.
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Michael Leboff is a long-suffering Islanders fan, but a long-profiting sports bettor with 10 years of experience in the gambling industry. He loves using game theory to help punters win bracket pools, find long shots, and learn how to beat the market in mainstream and niche sports.
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