Milwaukee Bucks star Giannis Antetokounmpo recently became the first active professional athlete to directly hold equity in a prediction market company. He partnered with Kalshi, valued at approximately $11 billion, to acquire a small (less than 1%) passive investment stake. Just before the NBA trade deadline, speculation about whether he would stay with the team generated $23.3 million in event contract trading volume on Kalshi. Simply put, this two-time MVP not only made headlines himself but also sparked interest in the prediction market. NBA Commissioner Adam Silver downplayed its impact, calling it a "minor investment." However, this move has sparked broader discussions: Will other leagues and stars follow suit? Want to know the latest intersection of sports and prediction markets? PASA's official website continues to track cross-border dynamics and policy boundaries.
Investment Details: Direct vs. Indirect Holdings
The reason Giannis's collaboration with Kalshi has attracted attention lies in the nature of his direct holdings. According to the NBA labor agreement, players can hold equity in gambling companies, but must meet two conditions:
Passive Investment: Cannot participate in management, governance, or operations
Ownership Cap: Less than 1% of any class of the company's securities
Previously, Kevin Durant had indirectly invested in Kalshi through his venture capital firm 35V, but Giannis is the first active player to directly invest. Kalshi's last financing round in October included top venture capital firms like Andreessen Horowitz and Sequoia Capital, raising $300 million.
League Stance: NBA "Green Lights," MLB Observing
Regarding Giannis's investment, Silver stated at the NBA All-Star Weekend press conference that it was a "minor investment" and did not cross league boundaries. Currently, professional leagues vary in their stance on prediction markets:
NBA: Explicitly allows passive holdings below 1%
MLB: Labor agreements contain nearly identical clauses, and Commissioner Rob Manfred recently hinted at exploring cooperation with prediction markets
Leagues with Established Official Partnerships: NHL, MLS, UFC
In the NFL, Philadelphia Eagles running back Saquon Barkley was reported to have invested in a fund that holds shares in Polymarket, and the league similarly has no strict prohibition against such indirect investments.
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