NBA star Giannis Antetokounmpo has become a shareholder in Kalshi’s prediction market
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Milwaukee Bucks forward Giannis Antetokounmpo has taken a stake in the prediction market platform Kalshi, marking the first time an active NBA player has invested in a federally regulated event-contracts exchange.
Key Takeaways:
Giannis Antetokounmpo became the first active NBA player to invest in the prediction market platform Kalshi.
Kalshi provides federally mandated “yes or no” event terms in sports, politics and entertainment.
The deal follows an investigation into the blurred line between commercial markets and sports betting.
The two-time NBA MVP announced the partnership on Friday, saying he will join Calci as a shareholder and collaborate with the company on live events and marketing campaigns.
Kalshi confirmed the deal in a statement, saying Antetokounmpo would not be allowed to trade on any NBA-related markets, per internal rules that prohibit insider trading and fraud.
Kalshi's ‘yes-no' prediction in trading markets
Kalshi operates a marketplace where users can trade “yes or no” decisions tied to real-world outcomes.
The platform lists markets covering politics, entertainment and sports, allowing traders to take positions on events such as award winners or championship results.
Earlier this week, The Service set the market on whether Antetokounmpo himself would be traded before the NBA deadline.
Although money changes hands, the platform is considered more of a financial exchange than a sportsbook.
As a result, Kalshi is allowed to operate under federal regulation throughout the United States, avoiding violations of state gambling regulations that apply to traditional betting operators.
The NBA's collective bargaining agreement allows players to advertise betting companies under certain circumstances if they don't announce bets on NBA, WNBA or G League games.
Players can hold up to 1% passive equity stake in such businesses. Antetokounmpo's investment falls within those limits.
“I like to win, it's obvious to me that Kalshi is going to be a winner and I'm excited to be involved,” Antetokounmpo said.
He is not the first basketball player to be associated with the company. Phoenix Suns star Kevin Durant is reportedly an indirect investor through the 35V Venture Fund he co-founded with his agent, Rich Kleiman.
The move is under intense scrutiny in sports betting. U.S. authorities recently filed gambling-related lawsuits involving several basketball images, and regulators have been investigating overlap between commercial platforms and betting markets.
The NCAA has previously asked Kalshi to correct wording on its site that suggests an official relationship with the organization.
Kalshi expanded the sports push through NHL negotiations and athlete support
Despite the attention, Kalshi has been expanding his sportsmanship.
The company announced a partnership with the NHL in October and in January signed professional golfer Bryson DeChambeau as its first athletics endorser, including appearances and promotional campaigns tied to the events in which he competes.
Kalshi got a big media breakthrough after signing a partnership with CNN.
Web3's prediction markets have surpassed $13 billion in aggregate trading volume, a record high even as the broader crypto markets cool.
The surge has attracted major players in technology and finance, including Fanatics, Coinbase and MetaMask, all of which have recently launched or expanded event trading platforms.
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