The NHL is the first major North American sport to partner with the prediction markets.
The NHL on Wednesday designated Kalshi and Polymarket as official prediction market partners of the league, becoming the first major North American sport to strike a commercial partnership with the upstart sites.
Under the deal, the league will provide the two companies with access to official NHL proprietary data and rights to use NHL marks, logos and official designations on their platforms and products, according to a press release issued Wednesday. According to the NHL, Kalshi’s and Polymarket’s brokers and merchants will also be able to use the league’s marks and logos to identify the products they make available.
“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,” said Keith Wachtel, who serves as president of NHL Business. “Polymarket and Kalshi are ideal partners as this category continues to grow and expand.”
Speaking to CNBC on Wednesday, Wachtel said he is intrigued by the potential for increased cross-selling through the partnership. For instance, a customer can trade a contract concerning the week’s most popular show on Netflix, while also making their pick for winner of the NHL’s Vezina Trophy given annually to the league’s top goaltender. The entertainment contracts typically are not offered on a traditional sportsbook.
Kalshi brand exposure for NHL Winter Classic
It may not be a coincidence that Kalshi marked the announcement by placing an NHL event contract on the most prominent area of its website on Wednesday, occupying the majority of the screen for customers trading on their laptops. A market for the 2026 Stanley Cup champion received approximately nearly $980,000 in trading volume as of 12:20pm ET.
Two teams, the Carolina Hurricanes and the Edmonton Oilers, were co-favorites on the market with a 12% chance to hoist the Stanley Cup. The Florida Panthers, the two-time defending Stanley Cup champion, were the third choice at 11%.
Kalshi, along with Polymarket, will receive brand exposure via Digitally Enhanced Dasherboards and blue line slot virtual signage on various NHL game broadcasts. The broadcasts will include the NHL Winter Classic, the NHL Stadium Series and postseason games during the Stanley Cup playoffs.
Polymarket offered three event contracts on Wednesday’s nightly slate. An all-Canadian matchup between Montreal and Calgary received more than $683,000 in trading volume as of early Wednesday afternoon.
“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,” said Polymarket CEO Shayne Coplan.
Attempts to ameliorate integrity concerns
Coplan appeared as part of a roundtable with Kalshi CEO Tarek Mansour last month in Washington D.C. The event, which also featured several executives from the nation’s largest derivative markets, delved into harmonisation efforts between the US Commodity Futures Trading Commission and the US Securities and Exchange Commission.
The two prediction markets, as well as Robinhood and Crypto.com, are in the spotlight for their foray into sports event contracts. The derivative products have been criticised by those contending the contracts are essentially sports wagers that should be regulated on the state level. Kalshi is embroiled in litigation in numerous states on the legality of the contracts.
Mansour, however, noted that the partnership with the NHL is a testament to the “integrity, safety, and trust” that Kalshi has spent years building with customers. While Kalshi previously signed a partnership with integrity monitor IC360, critics of prediction markets have argued that the sites lack Know Your Customer and anti-money laundering scrutiny that legal sportsbooks face from state regulators.
“Teaming up with the NHL is an important milestone for Kalshi and the industry at large,” Mansour wrote in a statement. “It should be clear now — prediction markets are here to stay.”
Position of other leagues
Over the summer, the NFL expressed a number of concerns associated with prediction markets. David Highhill, NFL vice president of sports betting, stressed that the contracts are susceptible to “price distortions” without the proper regulations. While MLB is not expressly opposed to the rise of prediction markets, the league called on the CFTC to establish a robust integrity framework for sports event contracts.
Nevertheless, the prediction markets’ commercial partnership with the NHL could exert pressure on regulated sportsbooks to accelerate a possible move into the new space.
The designation comes one day after DraftKings announced its acquisition of Railbird Technologies. The company owns Railbird Exchange, a federally licensed exchange designated by the CFTC. DraftKings has not indicated if it plans to offer sports event contracts.