Why $8.2B prediction markets’ major league sports backing is huge blow to legacy betting
The NHL licensed its trademarks to prediction markets Kalshi and Polymarket, signaling a major shift against traditional sportsbooks.Summary
The National Hockey League (NHL) has signed multiyear licensing agreements with prediction market platforms Kalshi and Polymarket, allowing them to use NHL trademarks, a move that grants them the same intellectual property rights previously reserved for traditional sportsbook operators like DraftKings and FanDuel. This formalizes the entry of prediction markets, which operate under CFTC oversight rather than state gaming commissions, into the mainstream sports betting landscape. This development coincides with prediction markets experiencing significant volume surges, totaling $8.2 billion in the previous quarter, a 61% increase from Q2. Since the NHL deal, shares of DraftKings and Flutter Entertainment (FanDuel's parent) have dropped, suggesting the market views this as a significant blow to legacy betting. Established sportsbooks are attempting to adapt by entering the prediction market space themselves, while Polymarket is preparing a US relaunch after settling with the CFTC in 2022.
(Source：CryptoSlate)