Hockey is the home of league-sanctioned fist fights, toothless athletes, and now, grey-area gambling.
Driving the news: The NHL signed first-of-their-kind licensing agreements with Polymarket and Kalshi, becoming the only major North American sports league to partner with prediction market platforms.
- Polymarket and Kalshi will be able to use the NHL’s logos and trademarks, as well as being prominently featured on NHL broadcasts, including the Stanley Cup playoffs.
Catch-up: These platforms say their markets are federally regulated financial products, allowing them access to states and provinces that have banned sports gambling. That loophole is being challenged in court and has drawn the ire of regulators and traditional sportsbooks alike.
- Kalshi saw record betting volumes after it started offering popular options for the NFL season, with DraftKings shares plummeting 18% since those markets opened up.
Why it matters: The NHL deal is a major vote of confidence that prediction markets are here to stay, even as other sports leagues, including the NFL, MLB, and NBA, have pushed back against them.
- As these platforms continue to gain traction with sports bettors, the push to regulate them as gambling operations will likely grow.
In Canada: Ottawa is now looking to fill some of the gaps that its own sports gambling regulations have left open, mostly around advertising. Just this week, the Senate passed a bill that would limit the volume, placement, and use of celebrities in sports betting ads.—LA