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The agreements grant both platforms access to official NHL proprietary data and the rights to use NHL marks, logos, and official designations on their platforms and products. Brokers and merchants affiliated with Kalshi and Polymarket will also be authorized to use NHL branding to identify the products they make available to users.
As part of the partnership, both companies will receive brand exposure through Digitally Enhanced Dasherboards and blue line slot virtual signage during NHL game broadcasts, including regular season national games, Stanley Cup Playoffs, and special events such as the NHL Winter Classic and NHL Stadium Series.
Breaking Ranks with Other Major Leagues
The NHL’s decision to partner with prediction markets represents a departure from the stance taken by other major professional sports leagues. Earlier this year, the NBA, NFL, and MLB submitted formal comments to the Commodity Futures Trading Commission expressing concerns about prediction markets’ potential impact on sporting integrity and their resemblance to traditional sports betting.
Keith Wachtel, President of NHL Business, explained the league’s rationale for the partnerships.
“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. Polymarket and Kalshi are ideal partners as this category continues to grow and expand.”
Wachtel told media outlets that the NHL believes partnering with Kalshi and Polymarket helps safeguard game integrity, as the league will be able to work with the platforms on which markets they include in their offerings.
Platform Leaders Welcome NHL Partnership
Tarek Mansour, CEO of Kalshi, described the partnership as a significant milestone for the prediction market industry.
“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. It should be clear now—prediction markets are here to stay.”
Shayne Coplan, Founder and CEO of Polymarket, emphasized the fan engagement opportunities created by the partnership.
“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. 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.”
Data Access and Sportradar’s Role
The partnership raises questions about how data providers like Sportradar will fit into the prediction market ecosystem. Sportradar currently holds a 10-year exclusive deal with the NHL, signed in 2021, making it the exclusive gatekeeper of official NHL data for sportsbooks and media companies.
According to reports, discussions between the NHL and Sportradar regarding data delivery solutions for prediction markets are ongoing. An NHL representative stated that the league is “in the process of determining optimal data delivery solutions for the specialized needs of our partners in this space.”
Industry Reactions and Regulatory Scrutiny
The American Gaming Association issued a statement characterizing the NHL’s partnerships as “deeply concerning,” describing Kalshi and Polymarket as “backdoor gambling schemes masquerading as ‘financial products.'”
AGA President and CEO Bill Miller said the move “sends a troubling message: that integrity, responsibility, and clear legality are optional in sports gaming. No professional league should lend its brand to companies operating in defiance of state law and consumer protection norms.”
Both Kalshi and Polymarket operate under the regulatory oversight of the Commodity Futures Trading Commission, allowing them to offer event contracts in all 50 U.S. states. This contrasts with traditional sports betting operators like FanDuel and DraftKings, which must navigate state-by-state licensing requirements and cannot operate in jurisdictions where sports betting remains illegal, such as California and Texas.
Multiple states, regulators, and tribal gaming authorities have challenged prediction markets, arguing they constitute unregulated gambling. Legal battles are currently underway in New Jersey, Nevada, and Maryland, where prediction market companies are defending their regulatory classification under federal rather than state authority.
Recent Developments in the Prediction Market Space
The NHL partnerships come as both platforms experience significant growth and investment. Kalshi recently secured more than $300 million in funding at a $5 billion valuation. Polymarket is reportedly in advanced discussions with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, for an investment of up to $2 billion that would value the platform at approximately $8 billion.
Polymarket is preparing to reenter the U.S. market after exiting in 2022 following a $1.4 million settlement with the CFTC for failure to register as a designated contract market. The platform has since acquired federally registered derivatives exchange QCX and its affiliated clearinghouse in a $112 million transaction to facilitate its U.S. return.
Traditional sports betting operators are also positioning themselves to enter the prediction market space. FanDuel and DraftKings have taken steps to participate in this emerging vertical, with DraftKings recently completing its acquisition of Railbird and Flutter Entertainment securing a CME deal.
The NHL maintains partnerships with 10 sportsbooks across the U.S. and Canada and stated that it believes prediction markets have not been detrimental to sportsbook operations and are expanding the sports engagement ecosystem.
Source: National Hockey League
