NHL signs multi-year partnerships with Kalshi and Polymarket

The deals mark the first instance of a major North American league partnering with such platforms, an industry that enables users to trade contracts linked to real-world outcomes, including sports events. 

The league framed the partnerships as part of a broader effort to enhance fan engagement and data experiences.

Kalshi operates under oversight from the U.S. Commodity Futures Trading Commission, offering event contracts within a regulated framework. Polymarket, which previously faced restrictions, is seeking formal approvals to operate more broadly in the United States.

According to the New York Post, both firms intend to leverage official data feeds and branding to create markets that align more closely with live game activity and team narratives, subject to ongoing regulatory interpretation of what constitutes a permissible event contract in sport.

The partnerships arrive as prediction markets surge in visibility and transaction volume. Analysts estimate that trading in event-based markets has expanded across politics, culture and sport, drawing in participants who value transparent pricing and continuous two-way markets rather than fixed odds. For leagues, official data licensing opens a commercial channel that has, until now, been dominated by sportsbooks. For platforms, branding rights and broadcast visibility could accelerate user acquisition.

Critics question whether prediction markets represent gambling by another name. Responsible-gambling groups argue that retail users may underestimate risks when trading short-dated contracts that settle on game events, particularly if markets are accessible through mobile apps with low entry thresholds. Rival operators note that data arrangements confer legitimacy and could divert wagering from regulated sportsbooks to peer-to-peer venues that fall under different rules. Regulators will need to clarify where, and how, event contracts tied to sport are permitted, and whether league partnerships entail additional safeguards.

For the NHL, the agreements complement existing relationships with traditional betting sites. The league has previously integrated odds and sponsorships through established sportsbooks, and it continues to experiment with on-screen data overlays and interactive content. With prediction markets, the user experience shifts from accepting a bookmaker’s price to trading a probability that can be bought or sold during a game, including before key moments such as power plays or overtime.

Executives for the platforms and the league describe the move as a way to bring fans “closer to the game,” using market prices as a real-time read on sentiment. The question for regulators and consumer-protection bodies is whether such products need the same controls applied to sportsbooks, including limits, data transparency, and interventions for problematic usage. The answers will shape how quickly prediction markets expand into mainstream sports.