NBA Addresses Giannis Antetokounmpo's Kalshi Investment

NBA Commissioner Adam Silver addressed concerns about Giannis Antetokounmpo investing in the prediction market platform Kalshi during his annual All-Star Weekend media session, stating that the league does not currently view the move as a rules violation.

Antetokounmpo, who plays for the Milwaukee Bucks, disclosed his stake in Kalshi one day after the NBA trade deadline. The timing drew scrutiny because Kalshi had hosted a prediction market on his next team from Dec. 3 through the close of the 2026 trade deadline. That market generated $23.3 million in trading volume before settling.

Silver said the investment was minimal and fell within collectively bargained guidelines agreed upon with the National Basketball Players Association. He noted the reported stake amounted to far less than one percent ownership and therefore did not breach league rules.

Kalshi operates as a Commodity Futures Trading Commission (CFTC)-licensed exchange. Rather than offering traditional sportsbook odds, it allows users to trade event contracts tied to real-world outcomes. Participants buy and sell positions based on whether a specific event will occur.

During the two months the Antetokounmpo market was active, the player repeatedly told reporters he preferred to remain in Milwaukee, while also making comments that fueled speculation about a potential move. Critics argued that such remarks could have influenced trading activity tied to his market.

Silver said the league was closely monitoring the broader landscape of the best prediction markets and sports wagering. He added that the NBA was managing betting activity across 40 US jurisdictions where sports betting is legal, as well as in 80 countries internationally where wagering on NBA games is permitted.

In addition, Silver said that the league required a clearer understanding of the full scope of activity occurring across betting platforms.

NBA views prediction markets as comparable to sportsbooks

Silver has spent much of his time lately discussing the league's stance on prediction markets. He recently stated that the NBA is evaluating prediction markets in much the same way as traditional sports betting operators, signaling the league's view that the functional differences between the products may be limited in practice.

“We currently are looking at prediction markets essentially in the same way that we’re looking at sports betting markets or sports betting companies,” Silver said Saturday afternoon in Los Angeles. “It’s rapidly evolving. Prediction markets have now come on the scene fairly recently as, I don’t know how else to say it, major sports betting marketplaces. Whether prediction markets are allowed to go forward in the form they’re in now will, I think, be ultimately an issue for the courts and for Congress.”

Prediction market operators, including Kalshi and Polymarket, maintain that their contracts represent investments in futures rather than wagers. Some jurisdictions have challenged that interpretation. Polymarket is temporarily barred from offering event contracts in Nevada.

Major gambling and financial technology operators such as DraftKings, FanDuel, Fanatics, Robinhood, Coinbase, and Crypto.com have added prediction-style offerings as consumer demand has grown.