Milwaukee Bucks superstar Giannis Antetokounmpo announced on Friday that he is partnering with prediction-market service Kalshi as a shareholder.
In doing so, Antetokounmpo became the first NBA player to directly invest in the company, which offers financial contracts on sports predictions, including, as recently as this week, whether the two-time MVP would be traded before Thursday’s trade deadline.
Kalshi issued a statement saying he will partner with the company at live events, in marketing and more.
The company creates “yes or no” markets in many spheres, including politics and culture (for example, the Oscar for best picture). In sports, outcomes such as which of two teams will win the NBA title are paired to attract traders on both sides of each possible outcome.
Even though Kalshi’s contracts result in money changing hands (like with a gambling service), Kalshi is legal nationwide. It is viewed as a financial trading platform, not a gambling service, and thus is not subject to state gaming commission rules.
“As an active player in the NBA, Antetokounmpo will be forbidden from trading on markets related to the NBA, per Kalshi’s strict terms of service that ban insider trading and market manipulation,” Kalshi’s statement said.
The most recent NBA collective bargaining agreement allows players to advertise for sports betting companies as long as it isn’t for NBA, WNBA or G League wagers. Players can also take up to a 1 percent stake in such companies as a passive investor.
“It’s clear to me Kalshi is going to be a winner, and I’m excited to be getting involved,” Antetokounmpo said in a statement.
Although Antetokounmpo is the first NBA player to directly invest in the company, Kalshi’s Jack Such said Kevin Durant is an indirect investor through his and agent Rich Kleiman’s 35V venture fund.
The tie between Antetokounmpo, who has a Q Score among the NBA’s best, and a company that creates outcome-based financial contracts was announced barely 100 days after the indictments of Portland Trail Blazers coach Chauncey Billups, Miami Heat guard Terry Rozier and 32 others for actions related to gambling on NBA games.
The NCAA sent a letter to Kalshi in late October, asking the service to adjust the phrase “Outcome verified from NCAA” to “Outcome sourced from NCAA.com,” due to concerns that the original wording implied a partnership between the two entities. However, others in the sports sphere have embraced the company.
Kalshi announced a partnership with the NHL in October, stating the league’s recognition “underscores how quickly regulated event trading is becoming a core part of how fans engage with the world’s biggest sports. For Kalshi, the partnership reinforces the platform’s role as a federally regulated exchange built on transparency and trust.”
Kalshi reached a deal with professional golfer Bryson DeChambeau in mid-January as the company’s first athlete endorser, according to Front Office Sports, which described DeChambeau’s role as including a TV commercial, social media posts, live appearances and more.
DeChambeau’s deal with Kalshi also signaled the launch of markets on events in which he competes, according to a statement by Kalshi cited by Front Office Sports.
