Kalshi says NBA star Giannis Antetokounmpo’s stake is below 1%; controversial deal was signed Thursday
Giannis Antetokounmpo acquired a sub-1% equity stake in prediction market Kalshi, sparking conflict of interest concerns.Summary
Milwaukee Bucks forward Giannis Antetokounmpo has become the first active NBA player to take a financial stake in a prediction market platform, Kalshi, confirming a sub-1% equity investment signed on Thursday, just after the NBA trade deadline.
Kalshi confirmed the stake is below the 1% threshold set by the NBA's CBA for passive player investments in sports betting companies. Antetokounmpo announced the deal on X, stating he was joining as a shareholder. The timing is controversial because Kalshi markets were actively pricing in whether Antetokounmpo would be traded from Milwaukee, attracting over $23 million in volume. Kalshi stated Antetokounmpo is prohibited from trading on any NBA-related or personal markets.
The announcement drew backlash on social media regarding potential conflicts of interest. Kalshi defended its integrity measures, including insider trading protections and bans on athletes trading in their own leagues. Separately, Kalshi faced a legal setback in Massachusetts, where a judge denied a request to delay a preliminary injunction banning its sports contracts in the state.
(Source：The Block)