NHL signs first partnership with Kalshi and Polymarket
The NHL has become the first U.S. sports league to sign a licensing agreement with Kalshi and Polymarket, signaling a major step toward the legalization of prediction markets.
The National Hockey League (NHL) announced multi-year partnership agreements with Kalshi and Polymarket, becoming the first professional league in the United States to officially authorize the use of its logos, team names, and the “Stanley Cup” brand on prediction markets.
Under the agreement, Kalshi and Polymarket will be allowed to use official NHL data and visual assets, and to place advertisements during game broadcasts, including the Stanley Cup Playoffs, Winter Classic, and Stadium Series.
The partnership moves prediction markets – platforms where users trade contracts based on event outcomes – closer to recognition as a legitimate financial asset class rather than a speculative tool.
NHL Chief Business Officer Keith Wachtel said the deal marks a new era of fan engagement, giving viewers a new way to interact with the game and their favorite teams.
Kalshi, licensed by the U.S. Commodity Futures Trading Commission (CFTC), can now offer contracts in all 50 states, including regions where online betting is banned, and has raised $300 million to expand its operations.
The NHL partnership has put pressure on traditional sportsbooks. Shares of DraftKings and Flutter Entertainment, the parent company of FanDuel, dropped between 14% and 27% after the announcement, as investors feared prediction markets could draw users and liquidity away from regulated betting platforms.
For the first time, a major sports organization has recognized event-outcome trading not as gambling, but as a form of regulated financial market activity. If the model succeeds, other leagues - including the NBA and MLB - may follow the NHL’s lead as early as next year.
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