Published on: December 3, 2025, 08:09h.

Updated on: December 3, 2025, 08:09h.

• NHL entered into a partnership with Kalshi and Polymarket in October
• NHL emphasizes competitive equilibrium across both conferences
• Kalshi announces a valuation of $11 billion

The NHL’s Eastern Conference is currently showcasing an unprecedented level of competitiveness. A mere nine points differentiate the bottom-ranked Florida Panthers from the top-ranked Carolina Hurricanes. This season, aside from possible exceptions like the Colorado Avalanche and possibly the Dallas Stars, no team has clearly dominated. Such parity is beneficial for betting, allowing underdogs to have substantial chances, enhancing interest in parlays and prop bets.

In a noteworthy move, the NHL established a deal with Kalshi and Polymarket in October, naming them as the official prediction markets of the NHL. This agreement grants these platforms access to exclusive NHL data and the authority to use NHL trademarks, logos, and official designations. Furthermore, the brands will benefit from significant exposure through Digitally Enhanced Dasherboards and blue line slot virtual signage during NHL game broadcasts throughout the regular season, playoffs, and special events like the NHL Winter Classic and NHL Stadium Series.

This partnership adds a layer of credibility for these prediction markets, which have been pursuing similar agreements with prominent professional leagues. The NHL is the first league to take this step. Prediction markets operate as regulated financial instruments under the Commodity Futures Trading Commission, allowing users to engage in betting on outcomes and withdraw their winnings from the platform, whether to a bank account or cryptocurrency wallet, with some fees applicable.

Bettman on CNBC

Kalshi and Polymarket are now positioned to offer contracts throughout the U.S. without the need for a sportsbook license, despite facing scrutiny from organizations like the American Gaming Association that aim to protect regulated sports betting and online gaming sectors.

Recently, Kalshi announced it secured USD $1 billion in funding, achieving an impressive $11 billion valuation—marking its third notable funding round this year.

However, Kalshi is currently battling lawsuits in various states as regulators assert that the company is violating state laws by offering event contracts akin to sports bets. Kalshi and Polymarket maintain that they do not fall under the purview of state laws, citing their regulation by the CFTC. As these prediction markets disrupt the traditional sportsbook landscape, major operators like DraftKings and FanDuel are keen to delve into this new arena, especially after both companies withdrew from the AGA membership.

NHL Commissioner Gary Bettman defended the deal with Kalshi and Polymarket during an interview on CNBC, highlighting that the NHL will have oversight over the predictions being offered. This ensures that the league can remove markets that may raise integrity concerns.

Integrity Matters

Bettman also addressed inquiries about team valuations and potential expansion plans during the interview, revealing that while no immediate expansions are underway, NHL owners indicate that any new expansion fee would begin at $2 billion.

“What we observe on the ice reflects exceptional competitive balance and entertainment value,” stated Bettman. “I truly believe we possess the best competitive balance among major sports, supported by a structure that enables our teams to compete effectively.”

“Our collaboration with the prediction market stems from our conviction that fans deserve to know that contracts executed are based on genuine data. More critically, it gives us oversight, as we reserve the right to eliminate any contracts we deem inappropriate,” he elaborated. “I am confident in our players and personnel, but we remain vigilant, monitoring every aspect of every game continuously.”

$11 Billion Valuation

“We keep a close watch on betting and prediction trends. Cheating in this context is virtually impossible. Collaborating with sportsbooks and prediction market entities provides us greater control and enhanced visibility regarding ongoing situations. Thus, aligning ourselves with these entities serves primarily as a protective measure,” Bettman concluded.

The NHL already enjoys sports betting partnerships with Caesars, BetMGM, DraftKings, and FanDuel. During his CNBC interview, Bettman remarked on a forthcoming convergence between regulated sportsbooks and prediction markets, indicating that the NHL anticipates a mutually beneficial scenario for all parties involved.