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NBA star Giannis becomes Kalshi shareholder amid betting controversy
Milwaukee Bucks star Giannis Antetokounmpo has become the first active NBA player to take an ownership stake in a prediction market platform that offers contracts tied, among other things, to the outcomes of basketball games. The move sparked a wave of criticism and debate over the legality of the deal, which was finalized last week.
On Friday, Antetokounmpo announced that he had acquired an equity stake in Kalshi, a CFTC-regulated prediction market platform, through his company Ante Inc. A Kalshi spokesperson told The Block that the agreement was signed on Thursday — the NBA trade deadline — and that Antetokounmpo’s stake is below 1%, the threshold set by the NBA’s 2023 Collective Bargaining Agreement for players’ passive investments in sports betting-related companies.
At Kalshi’s most recent valuation of $11 billion, a 1% stake would be worth more than $100 million. However, the company did not disclose the exact size of Antetokounmpo’s ownership or how far below the 1% threshold it is.
Controversial deal for the NBA star
Antetokounmpo is a two-time NBA Most Valuable Player — an honor held by only a select group of players — and is widely regarded as a potential candidate for the title of the greatest NBA player of all time.
However, his investment in Kalshi has yet to win approval from fans and has triggered accusations of a potential conflict of interest. Players of Antetokounmpo’s stature often possess insider information about trades, which are frequently the subject of fan betting activity.
Moreover, shortly before the deal was signed, Kalshi listed markets estimating the probability of Antetokounmpo being traded from Milwaukee or retiring. The total betting volume related to his potential trade reached $23 million.
“The involvement of a player who is the subject of constant trade rumors in a prediction market where people can bet on whether he will be traded is a HUGE conflict of interest,” wrote independent sports journalist Jun Lee, adding that it goes far beyond player endorsements of sportsbooks.
Kalshi, however, stated that under its platform rules, Giannis Antetokounmpo is prohibited from trading on NBA-related markets or any markets directly connected to him personally.
As we wrote, Tether makes binding offer to buy Juventus majority stake
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