Milwaukee Bucks star Giannis Antetokounmpo is stepping into a new arena off the court.
The two-time NBA MVP has taken a stake in Kalshi, a federally regulated prediction market, becoming the first active NBA player to directly invest in an event-contracts exchange. Antetokounmpo announced the move on Friday, saying he’ll join Kalshi as a shareholder and work with the company on live events and marketing campaigns.
Kalshi confirmed the partnership and stressed that Antetokounmpo will be barred from trading on any NBA-related markets. The company said its internal rules prohibit insider trading and market manipulation, a key safeguard given his active role in the league.
At its core, Kalshi lets users trade simple “yes or no” contracts tied to real-world outcomes — from politics and entertainment to sports. Traders can take positions on questions like who will win a championship or take home a major award. Earlier this week, the platform even hosted a market on whether Antetokounmpo himself would be traded before the NBA deadline.
While money is on the line, Kalshi operates as a financial exchange rather than a sportsbook. That distinction allows it to function nationwide under federal oversight, sidestepping the patchwork of state gambling laws that govern traditional betting companies.
The NBA’s collective bargaining agreement permits players to promote betting-related businesses under strict conditions. Players can’t advertise wagers on NBA, WNBA, or G League games, and any ownership stake must remain passive and under 1%. Kalshi says Antetokounmpo’s investment stays within those limits.
“I like to win,” Antetokounmpo said in a statement. “It’s clear to me Kalshi is going to be a winner and I’m excited to be getting involved.”
Giannis isn’t the first high-profile basketball name tied to the platform. Phoenix Suns star Kevin Durant is reportedly an indirect investor through 35V, the venture firm he co-founded with agent Rich Kleiman.
The timing is notable. Prediction markets and sports betting are under growing scrutiny as regulators examine the increasingly blurry line between trading platforms and gambling. Recent gambling-related charges involving basketball figures have only added to the attention. The NCAA has also previously asked Kalshi to adjust website language that suggested an official relationship with the organization.
Despite the scrutiny, Kalshi is leaning further into sports.
The company partnered with the NHL in October and signed golfer Bryson DeChambeau as its first athlete endorser in January, featuring him in promotions tied to events in which he competes. Kalshi has also landed a major media deal with CNN, naming it the network’s official prediction markets partner, and recently closed a funding round valuing the company at $11 billion.
More broadly, Web3-based prediction markets have surged to more than $13 billion in cumulative trading volume, even as the wider crypto market cools. That growth has drawn in heavyweights like Fanatics, Coinbase, and MetaMask, all of which have moved deeper into event-based trading.
