The National Hockey League (NHL) has become the first major professional sports league to license its trademarks to prediction market platforms, marking a milestone in the convergence of sports entertainment and blockchain-powered forecasting. The league’s newly signed multiyear agreements with Kalshi and Polymarket will allow both startups to create officially branded prediction markets around NHL events, blurring the line between traditional sports betting and decentralised prediction systems.
The partnership arrives at a time when prediction markets are reaching record heights in trading activity. According to Dune Analytics, weekly global volume recently surpassed $2 billion for the first time, with sports-related wagers leading the charge at $414.7 million—outpacing political markets despite election-year activity. Polymarket has reclaimed its lead over Kalshi, generating $1 billion in weekly trading compared to Kalshi’s $950 million.
Keith Wachtel, the NHL’s business president, described the collaboration as “a tremendous opportunity to deepen fan engagement during the NHL season.” He emphasised that both Kalshi and Polymarket represent the “market leaders” in this rapidly evolving space. The move signals a growing willingness among major sports organisations to engage with Web3-powered markets that are transforming how fans interact with real-world events.
Industry observers say the NHL’s endorsement could legitimise platforms that have long operated in regulatory uncertainty. Ivan Muller, CMO at Dexsport.io, told Decrypt that the future of the sector likely lies in “collaboration rather than competition” between licensed prediction markets and traditional sportsbooks. He explained that while conventional sports betting relies on fixed odds and entertainment-driven wagering, prediction markets function as decentralised ecosystems where prices reflect crowd sentiment and real-time information flow.
Market analysts suggest that official NHL-backed markets could attract a new wave of users in the final quarter of the year. Jamie Elkaleh, chief marketing officer at Bitget Wallet, noted that these partnerships “bring credibility” and could further accelerate adoption as the platforms expand beyond sports into politics, economics, and other real-world forecasting.
Both Kalshi and Polymarket have recently secured significant investments amid their rapid growth. Kalshi raised $300 million in a funding round led by Andreessen Horowitz, Sequoia, and Coinbase, valuing the firm at $5 billion. Polymarket, meanwhile, secured a $2 billion investment from Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, bringing its valuation to $9 billion.
This new wave of institutional partnerships and funding highlights the mainstreaming of decentralised prediction markets. As regulatory conditions ease—both Kalshi and Polymarket received no-action letters from the U.S. Commodity Futures Trading Commission (CFTC) earlier this year—the NHL’s entry into the space may catalyse broader acceptance across professional sports and beyond.
