The National Hockey League has entered into multiyear licensing agreements with prediction market platforms Kalshi and Polymarket, making it the first major U.S. professional sports league to authorize the use of its trademarks for markets beyond the sportsbook sector, as reported by the Wall Street Journal.
These agreements permit both platforms to incorporate official NHL branding — including team names, the league logo, and terms such as “Stanley Cup” — in their environments where users wager on the results of sports events.
This development places Kalshi and Polymarket in direct rivalry with traditional sportsbooks like DraftKings and FanDuel. However, each company is pursuing a different strategy.
Kalshi is regulated by the Commodity Futures Trading Commission, which allows it to offer contracts in all 50 states, even in regions where online sports betting remains limited.
Polymarket, operating on blockchain technology and facing regulatory hurdles in the U.S., is gearing up for a domestic relaunch. The company has secured a $2 billion investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, which may provide the necessary financial and institutional support for broader expansion.
The NHL already has similar brand licensing agreements with DraftKings, FanDuel, and BetMGM. This marks the first time it has granted such access to prediction markets, indicating a change in how professional sports leagues are viewing the evolving landscape of event derivatives.
Following this deal, shares of Flutter Entertainment — the parent company of FanDuel — have dropped significantly. DraftKings stock has also seen a decline, reflecting investor fears that prediction markets could reduce sportsbook market share, particularly if they remain viable in otherwise restricted markets.
In recent months, prediction markets have gained renewed interest, partly due to focus on political contracts ahead of the 2024 U.S. presidential election. Platforms like Kalshi and Polymarket have attracted thousands of users betting on diverse outcomes, ranging from debate performances to candidate withdrawals, prompting sports leagues to take notice.
