The National Hockey League (NHL) officially announced multi-year licensing agreements with Polymarket and Kalshi, marking the first such partnerships between a major U.S. professional sports league and prediction market platforms.
These deals allow Polymarket and Kalshi to use official NHL trademarks—including the league’s name, logos, “Stanley Cup,” and individual team names—on their platforms, as well as access to proprietary NHL data for creating prediction markets tied to games, futures, and other events.
The partnerships name both companies as “official prediction market partners” of the NHL. This enables them to offer markets on NHL outcomes (e.g., moneylines, puck lines, totals, and futures) while integrating league branding legally.
Multi-year commitments, though exact terms weren’t disclosed. Unlike traditional sportsbooks (e.g., DraftKings, FanDuel), which operate under state-specific gambling laws, Polymarket and Kalshi function as CFTC-regulated prediction markets. This allows them to serve users in all 50 states without geographic restrictions tied to betting legalization.
The move pressures legacy sports betting firms, as prediction markets emphasize event outcomes over chance-based betting and could disrupt their dominance. NHL betting currently represents only 2-3% of U.S. sports handle, but legitimacy from this deal could accelerate growth.
Keith Wachtel, NHL President of Business: “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.”
Shayne Coplan, Polymarket Founder & CEO: “We’re excited to bring that energy to Polymarket, where fans can engage with the NHL and its teams in a new way… Together, we’re making the game more interactive and connected.”
Kalshi Representative: “Teaming up with the NHL is an important milestone for Kalshi and the industry at large.” Polymarket, a crypto-native platform, recently secured a $2 billion investment from Intercontinental Exchange (NYSE’s parent), valuing it at $8-10 billion.
Kalshi, meanwhile, raised over $300 million at a $5 billion valuation earlier this month. These deals signal prediction markets’ push into mainstream sports, potentially paving the way for similar partnerships with the NBA or NFL.
On X, reactions highlight the competitive threat to DraftKings, with users speculating it could “end” traditional sportsbooks.This development underscores the NHL’s innovative approach to fan engagement amid the 2025-26 season’s early buzz.
Unlike traditional sports betting, which focuses on chance-based wagers (e.g., point spreads), prediction markets aggregate collective knowledge to forecast event outcomes, such as election results, sports game winners, or economic indicators.
They operate like financial markets but for event probabilities. Each market offers contracts tied to specific outcomes (e.g., “Will Team A win the NHL game?”). Shares in these contracts are typically priced between $0 and $1, reflecting the market’s perceived probability of the outcome.
Participants buy or sell shares based on their beliefs. If you think the probability is higher than the current price suggests, you buy; if lower, you sell. The market price adjusts dynamically based on trading activity, reflecting the crowd’s collective prediction.
When the event resolves, contracts for the correct outcome pay out $1 per share, while incorrect outcomes pay $0. For example, if you buy 100 shares at $0.60 and the outcome happens, you earn $100 (minus fees); if not, you lose your $60 investment.
In the U.S., platforms like Polymarket and Kalshi operate under the Commodity Futures Trading Commission (CFTC) as regulated prediction markets, distinct from gambling, allowing broader access across states.
Prices reflect the aggregated knowledge and sentiment of participants, often making prediction markets more accurate than polls or expert forecasts. For instance, Polymarket’s 2024 election markets outperformed traditional surveys.
Beyond sports like the NHL’s recent deals, markets cover elections, weather, economic data, or even pop culture (e.g., “Will a movie gross over $100M?”). Participants are motivated to research and act on accurate information, as correct predictions yield profits. This contrasts with polls, where respondents have no financial stake.
Unlike sportsbooks, restricted by state gambling laws, CFTC-regulated platforms can operate nationwide, broadening participation. The NHL’s licensing deals with Polymarket and Kalshi allow these platforms to create markets using official NHL data and branding for game outcomes, player performances, and futures (e.g., Stanley Cup winner).
Fans can trade shares on questions like “Will the Penguins win tonight?” with prices reflecting real-time probabilities. This engages fans interactively and leverages the NHL’s brand to legitimize prediction markets in sports.ExampleSuppose a market asks, “Will the Boston Bruins win their next game?” Shares are priced at $0.80, implying an 80% chance of victory.
You buy 50 shares for $40. If the Bruins win, you receive $50 (50 × $1), profiting $10. If they lose, you lose your $40. The price fluctuates as more fans trade based on news, injuries, or sentiment. Studies show prediction markets often outperform expert forecasts (e.g., Iowa Electronic Markets’ election predictions).
Fans or investors can participate actively, not just passively bet. Prices publicly reflect real-time sentiment and information. Large traders could skew prices, though liquid markets resist this. Prices can swing with new information (e.g., a star player’s injury).
While CFTC-regulated, prediction markets face ongoing legal debates about their scope. The NHL’s move signals prediction markets’ growing mainstream acceptance, challenging traditional sportsbooks like DraftKings.
