Milwaukee Bucks star Giannis Antetokounmpo announced he became a shareholder in prediction market Kalshi, one day after the NBA trade deadline where his potential move dominated speculation. The investment creates an unusual situation where Antetokounmpo profits from a platform that offered contracts on whether he would be traded just days earlier.
Kalshi had posted markets throughout the week on which team might acquire the two-time MVP, with fluctuating odds as trade rumors circulated.
The platform also listed Giannis's Friday night game against Indiana, where his Bucks were 1.5-point underdogs in a market with over $90,000 in trading volume.
Regulatory Gray Zone
Kalshi operates as a Commodity Futures Trading Commission-registered exchange, allowing it to offer event contracts in all 50 states while avoiding state gambling regulations. The NBA's 2023 collective bargaining agreement permits players to hold passive stakes under 1% in sports betting companies, though they cannot own or manage sportsbooks.
The league asked the CFTC in May 2025 to establish a regulatory framework for single-game prediction markets after Kalshi began offering moneylines and spreads on NBA contests.
Multiple leagues including MLB and NCAA have expressed concerns about prediction markets' impact on game integrity.
Kalshi's statement said Antetokounmpo "will be forbidden from trading on markets related to the NBA" under the platform's insider trading policies. However, as a shareholder in a company generating $100 billion in annualized volume with roughly 87% coming from sports markets, he stands to benefit financially from trading activity on NBA events.
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Legal Battles Mount
Kalshi faces cease-and-desist orders from at least eleven states challenging its claim that CFTC regulation preempts state gambling laws. A Nevada federal judge reversed a preliminary injunction in November, ruling Kalshi's sports products fall under state gaming jurisdiction.
Kevin Durant holds an indirect stake through his 35V venture fund, making Antetokounmpo the first NBA player to invest directly.
Kalshi recently secured $1 billion in funding at an $11 billion valuation from investors including Andreessen Horowitz and Sequoia Capital.
The timing of Antetokounmpo's announcement drew criticism on social media, coming immediately after he avoided being traded while Kalshi markets on his potential move remained active. The NBA has not issued a statement on the investment.
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