Browsing: Polymarket

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  David Purdum

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  • Journalist covering gambling industry since 2008

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  Shwetha Surendran

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  Shwetha Surendran is a reporter in ESPN’s investigative and enterprise unit.

Oct 22, 2025, 10:37 AM ET

The NHL announced multiyear deals with prediction market companies Kalshi and Polymarket on Wednesday, a sign of the markets’ increasing prominence as they disrupt traditional sportsbooks in the betting landscape.

The agreement is the first between prediction markets and a major professional U.S sports league.

Prediction markets such as Kalshi and Polymarket allow users to trade on the yes/no outcome of events, including sports. Unlike sportsbooks such as FanDuel and DraftKings, Kalshi and Polymarket operate in all 50 states, including California and Texas, where sports betting is not legal. Last month, Kalshi added sports parlays to its platform.

The licensing deal will allow the companies to use the league’s data as well as its marks, logos and official designations, similar to the league’s agreements with its official sportsbooks. On Wednesday morning, after the deal was announced, Kalshi offered contracts on the Stanley Cup champion alongside the “Pro Football Champion” and “Pro Basketball Champion.”

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The NHL has partnerships with 10 sportsbooks in the U.S. and Canada and said it believes prediction markets have not been detrimental to sportsbooks to this point and in fact are expanding the ecosystem.

“The handle in sports is growing for the sportsbooks,” said Keith Wachtel, president of NHL business. “We believe the rising tide is lifting all boats here.”

Kalshi is battling multiple lawsuits by state gambling regulators who allege that the company is violating state laws by offering event contracts that mimic sports bets. Kalshi argues it does not fall under 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 — who each have official partnerships with sportsbooks — voiced concerns about protecting sporting integrity in this new market.

Wachtel told ESPN that the NHL believes partnering with Kalshi and Polymarket helps leagues safeguard the integrity of games.

“As a league, we’ll be able to work with them on what markets they include in their endeavors,” Wachtel said. “That is much better for all of us — not just for the NHL, but all sports properties.”

The American Gaming Association, the casino trade group, characterized the NHL’s actions as “deeply concerning” and described Kalshi and Polymarket as “backdoor gambling schemes masquerading as ‘financial products.'”

“This move sends a troubling message: that integrity, responsibility, and clear legality are optional in sports gaming,” AGA president and CEO Bill Miller said in a statement to ESPN. “No professional league should lend its brand to companies operating in defiance of state law and consumer protection norms.”

In recent months, FanDuel and DraftKings have positioned themselves to enter the prediction market space.

“It should be clear now — prediction markets are here to stay,” Kalshi CEO Tarek Mansour said in a news release.

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