The National Hockey League (NHL) has announced a newly minted partnership with prediction market platforms Polymarket and Kalshi. This is a major development for the NHL, which will seek to leverage the platforms’ popularity and boost interest in the sport through sports event contracts, which have been heavily criticized by gambling watchdogs, but which have nevertheless continued to surge in popularity.
NHL seeks to elicit stronger engagement from fans
Both Kalshi and Polymarket will be able to provide better prediction outcomes on NHL-sanctioned games by leveraging proprietary data and offering more engaging markets and products to their respective audiences, thus increasing the league’s visibility and eliciting strong responses from potential and existing fans.
The partnership covers the regular season, as well as the NHL Winter Classic and, naturally, the Stanley Cup Playoffs. NHL President of Business, Keith Wachtel, had this to add:
"As prediction markets continue to evolve at a rapid pace, partnering with the two market leaders, Kalshi and Polymarket, provides a tremendous opportunity for the broadest fan engagement during the NHL season."
Both Kalshi and Polymarket have welcomed the news, seeing in it a unique opportunity to expand their respective sports event contracts and strengthen their rapport with sports fans.
"Teaming up with the NHL is an important milestone for Kalshi and the industry at large. To have a league like the NHL embrace Kalshi is a testament to the integrity, safety, and trust with consumers that Kalshi has spent years building during our time pioneering this asset class," Kalshi CEO Tarek Mansour has said.
Prediction markets set to enhance the fan experience
Mansour has repeatedly argued that sports event contracts offer a superior product compared to the traditional betting experience, and his statement was also an opportunity to insist that prediction markets do not fall under sports gambling regulation.
Polymarket CEO and Founder Shayne Coplan was of a similar mind, adding, "The NHL has always been about giving fans an incredible experience. We’re excited to bring that energy to Polymarket, where fans can engage with the NHL and its teams in a new way."
Prediction markets are experiencing massive surges in their valuations, with Polymarket reportedly on track to hit $15bn in value during its next funding round.
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