On Wednesday, the NHL announced a significant partnership with Kalshi and Polymarket, designating both as official prediction market partners. This makes the NHL the first major North American sports league to form a commercial alliance with these emerging platforms. The agreement grants the NHL access to proprietary data and allows Kalshi and Polymarket to use the NHL's marks, logos, and official designations on their services.
Keith Wachtel, president of NHL Business, emphasized the benefits of this partnership, stating, "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." He added that this collaboration aligns with the growing nature of prediction markets.
In a discussion with CNBC, Wachtel expressed interest in the potential for cross-selling opportunities. For instance, a user might place a bet on a popular Netflix show while also predicting the winner of the Vezina Trophy, awarded annually to the top NHL goaltender. Such entertainment contracts are typically not available through conventional sportsbooks.
Kalshi capitalized on the announcement by prominently featuring an NHL event contract on its website, attracting significant attention from traders. As of 12:20 PM ET, the betting volume for the market concerning the 2026 Stanley Cup champions reached approximately $980,000, with the Carolina Hurricanes and Edmonton Oilers sharing the top spot at a 12% probability of winning, followed closely by the Florida Panthers at 11%.
Both Kalshi and Polymarket will receive brand visibility through Digitally Enhanced Dasherboards and blue line slot virtual signage during various NHL broadcasts, including marquee events like the NHL Winter Classic, NHL Stadium Series, and Stanley Cup playoffs.
On the same day, Polymarket listed three event contracts, with an all-Canadian matchup between the Montreal Canadiens and Calgary Flames generating over $683,000 in trading volume by early afternoon.
Polymarket CEO Shayne Coplan remarked, "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."
Issues of integrity and regulation have emerged as important topics within the industry. Coplan highlighted the need for industry standards during a roundtable event last month, attended by Kalshi CEO Tarek Mansour, aimed at fostering dialogue between the US Commodity Futures Trading Commission and the US Securities and Exchange Commission.
Both prediction markets, along with companies like Robinhood and Crypto.com, are under scrutiny for their entry into sports event contracts. Critics argue that these contracts resemble traditional sports wagers, which should be subject to state-level regulations. Kalshi is currently involved in legal challenges concerning the permissibility of its contracts in various states.
Mansour defended the integrity of Kalshi, asserting that the partnership with the NHL reflects the trust that has been built over years. Kalshi previously entered into a partnership with integrity monitor IC360, although critics have raised concerns over the absence of Know Your Customer and anti-money laundering measures applied to legal sportsbooks.
He stated, "Teaming up with the NHL is an important milestone for Kalshi and the industry at large. It should be clear now – prediction markets are here to stay."
Other sports leagues have expressed caution regarding prediction markets. NFL vice president David Highhill highlighted potential issues such as "price distortions" without adequate regulations. Meanwhile, MLB has not outright opposed prediction markets but called for the CFTC to set standards for integrity concerning sports event contracts.
The NHL's partnership with Kalshi and Polymarket could push regulated sportsbooks to explore this emerging market more vigorously. This announcement came just a day after DraftKings revealed its acquisition of Railbird Technologies, which operates a federally licensed exchange recognized by the CFTC, although DraftKings has yet to clarify its intentions regarding sports event contracts.
