NHL Commissioner Says They’re All In on Prediction Markets
Posted on: December 3, 2025, 08:09h.
Last updated on: December 3, 2025, 08:09h.
- NHL signed deal with Kalshi and Polymarket in October
- NHL touts competitive balance across both conferences
- Kalshi announces $11 billion valuation
One look at the NHL’s Eastern Conference today and there sits the most competitive grouping of teams not seen in years. Just nine points separates the last place Florida Panthers and the first place Carolina Hurricanes. No one team, other than the Colorado Avalanche, maybe the Dallas Stars, have dominated this NHL season. And parity is good for betting – underdogs have real chances, spiking interest in parlays or props.
In October, the NHL announced a controversial deal with Kalshi and Polymarket making the two of them the official prediction markets of the NHL, giving Polymarket and Kalshi access to official NHL proprietary data and rights to use NHL marks, logos and official designations on their platforms and products. Both brands are getting brand exposure via Digitally Enhanced Dasherboards and blue line slot virtual signage during NHL game broadcasts for regular season games, the playoffs, plus the NHL Winter Classic and NHL Stadium Series.
It was a big shot of credibility for the prediction market companies. They’ve been looking for similar deals with major pro sports leagues. The NHL is the first. Prediction market companies are financial instruments regulated federally by the Commodity Futures Trading Commission where the platforms offer prediction contracts, people making bets on outcomes, withdrawing your winnings from a wallet on the platform either to a bank account to crypto wallet, minus fees.
Bettman on CNBC
Kalshi and Polymarket have been allowed to offer contracts across the U.S. without securing a sports book license. The prediction market companies have been under assault from organizations like the American Gaming Association, working to protect the regulated sports betting and online casino industries.
Yesterday, Kalshi announced it has raised USD $1 billion at an $11 billion valuation, its third round of capital funding this year.
Kalshi is dealing with lawsuits in multiple states from regulators who argue that the prediction market company is breaking state laws by offering event contracts that are just like sports bets. Kalshi and Polymarket argue they don’t fall under state law jurisdiction since they are regulated by the CFTC. With the prediction markets disrupting the traditional sportsbooks landscape, the two major sportsbook operators, DraftKings and FanDuel, look to enter the prediction market space soon. Both of those companies rescinded their AGA memberships.
NHL Commissioner Gary Bettman was on CNBC defending the prediction market deal, in large part because the NHL will have input into what predictions market Kalshi and Polymarket will be offering. So the league can take down markets it feels will lead to integrity concerns.
Integrity Concerns
Bettman was asked about team valuations and NHL expansion plans, and said while nothing is on the burner, NHL owners have told him that any expansion fee will start at $2 billion.
“What you see on the ice, the competitive balance, the entertainment value, is extraordinary,” said Bettman. “I think we have the best competitive balance of the major sports. We have a system that enables all of our teams to compete.
“We have aligned with the prediction market because we believe our fans need to understand that if they’re going to execute those contracts it’s based on real data, but more importantly, it gives us control, because we have the ability to take down any contracts that we don’t think are appropriate,” he added. “I don’t believe our game is susceptible in perhaps the way that some others might be. I have confidence in our players and our personnel, but this is something that we monitor every second of every game.
$11 Billion Valuation
“We monitor the betting and prediction lines, and you can’t really get away with doing that kind of cheating anymore and being aligned with either the sports book, sports betting entities, or the prediction market entities, gives you the ability to have more control and to observe more closely exactly what’s going on. So I think it’s more protective than anything else by having these alignments.”
The NHL currently has sports betting partnership deals with Caesars, BetMGM, DraftKings and FanDuel. Bettman during that CNBC interview said he says a “morphing” coming between regulated sportsbooks and the prediction markets, so clearly it’s a “rising tide will lift all boats” scenario from the league’s perspective.
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