Polymarket, Kalshi Secure NHL License for Sports Markets

“In the long term, partnerships between licensed prediction platforms and established sportsbooks are more likely than head-to-head competition, especially as the industry converges around transparency, liquidity efficiency, and on-chain data integrity,” Ivan Muller, CMO at crypto-based gaming and sports betting platform, Dexsport.io, told Decrypt.

“Traditional sportsbooks focus on entertainment-driven, event-specific wagering with defined odds and consumer protections; meanwhile, prediction markets operate as decentralized forecasting tools where liquidity and information efficiency determine prices,” he added. “If effectively regulated, both models could ultimately complement each other.”

The licensing agreements arrive as prediction markets hit record-breaking growth, with weekly trading volume climbing past $2 billion for the first time. Sports betting commanded the highest share at $414.7 million last week, surpassing political markets despite election-related activity.  Polymarket recently reclaimed market leadership from Kalshi after trailing for eight weeks, posting $1 billion in weekly volume against Kalshi’s $950 million.

“The addition of licensed NHL markets could accelerate the platforms’ growth trajectory in Q4, as official league partnerships bring credibility and attract new users,” Jamie Elkaleh, chief marketing officer at Bitget Wallet, told Decrypt.  Elkaleh said both platforms are expanding “beyond sports,” tapping into real-world events like politics and macroeconomics, and evolving into “real-time sentiment tools.”

Earlier this month, Kalshi raised $300 million at a $5 billion valuation with backing from Andreessen Horowitz, Sequoia, and Coinbase, while Polymarket secured a $2 billion investment from NYSE-owner ICE, pushing its valuation to $9 billion. Both platforms have capitalized on loosening federal oversight as Kalshi and Polymarket secured CFTC no-action letters this year, clearing them to operate without immediate federal enforcement risks.