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Prediction markets don’t need luck, they are having an incredible month without it. Yesterday, the National Hockey League announced a multi-year deal with Polymarket and Kalshi that will allow both startups to use the league’s data and logos on their platforms.
The deal marks the first partnership between a major US sports league and prediction markets, giving a pro sports seal of approval to upstarts that are challenging traditional sportsbooks.
Kalshi and Polymarket now have the NHL’s logo plastered all over their sites, but even without official recognition, they offer bets on other sports leagues’ games by using vague titles like “Pro football champion” and listing cities instead of specific team names.
And while prediction markets let users bet on everything from how much the Fed will raise interest rates to when celebrities will break up, sports bettors flock to them:
Better odds: Unlike traditional sportsbooks that are subject to a patchwork of local gambling regulations across the US, prediction markets—which facilitate betting contracts between users rather than acting as “the house” you bet against—are considered financial exchanges and regulated federally by the Commodity Futures Trading Commission. That’s allowed them to offer sports bets in states where gambling is illegal, leaving gaming commissions and state regulators pretty peeved. They’re tangling with prediction markets in court, and legal experts ultimately expect the companies’ ongoing ability to offer sports bets to be determined by the Supreme Court.
If you can’t beat ’em, join ’em: This week, DraftKings acquired Railbird Technologies, a licensed prediction market exchange.
Everyone wants a piece of predictions: Kalshi is reportedly receiving funding offers that value it at more than $10 billion. And, the owner of the NYSE recently took a $2 billion stake in Polymarket.—MM
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