TLDR
- NHL signs industry-first deals with Kalshi and Polymarket prediction markets.
- Kalshi recently raised $300M, reaching a $5 billion company valuation.
- Intercontinental Exchange invested $2B in Polymarket this October.
- Polymarket saw record-high market activity last month across its platform.
The National Hockey League (NHL) has reached a new licensing agreement with crypto-based prediction markets Kalshi and Polymarket. The deal, which marks the first of its kind in professional sports, aims to expand fan engagement and data use. With prediction markets seeing strong growth, the NHL move could reshape how leagues and prediction platforms collaborate on market-based engagement tools.
NHL Secures Multi-Year Deals with Kalshi and Polymarket
The NHL has signed multi-year licensing agreements with two leading prediction market platforms, Kalshi and Polymarket. These deals allow both platforms to offer officially licensed NHL-related prediction markets. This arrangement will allow users to engage in forecasting games and outcomes based on NHL matches, seasons, and related developments.
According to a report by The Wall Street Journal, the deal is expected to be officially announced today. The NHL becomes the first major professional sports league in North America to enter such a partnership with crypto-focused prediction markets. These agreements come as part of broader efforts by the league to expand its digital presence and tap into new forms of fan interaction.
Rising Growth Across Prediction Platforms
Kalshi and Polymarket have both experienced rapid expansion in recent months. Polymarket recorded a sharp increase in new prediction markets last month, and current data suggests it is on pace to break its monthly records. Kalshi, meanwhile, has seen a notable spike in its “daily active markets” metric. This growth has been accompanied by rising trading volume across both platforms.
According to The Data Dashboard, user activity across the platforms has surged. Both companies have positioned themselves as major players in the emerging sector of event forecasting using crypto-based systems. Kalshi operates under regulation from the Commodity Futures Trading Commission (CFTC), which adds a layer of oversight to its offerings.
Recent Investments and Company Valuations
Kalshi recently completed a funding round where it raised over $300 million. This investment brought the company’s valuation to approximately $5 billion. The funding is expected to support expansion efforts, product development, and regulatory compliance.
Meanwhile, Polymarket is also attracting attention from major financial institutions. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is investing $2 billion in Polymarket. This investment could value the company between $8 billion and $10 billion. These valuations reflect investor confidence in the long-term viability of prediction markets.
Competitive Pressure on Traditional Sportsbooks
The NHL’s move into prediction markets is expected to increase pressure on existing sportsbook operators, including companies like DraftKings. While traditional sportsbooks focus on gambling and betting, prediction markets are positioned more as informational and forecasting platforms. This distinction allows them to serve a different, often more data-driven, user base.
With these deals, Kalshi and Polymarket gain a stronger foothold in mainstream sports content. The partnerships may also encourage other professional sports leagues to explore similar licensing agreements. For now, the NHL becomes the first league to work directly with crypto-based forecasting platforms in this way.
The development marks a new phase in the evolving relationship between sports and blockchain-based prediction tools. As user demand grows, more collaborations between leagues and digital platforms may follow.
