Giannis Antetokounmpo Invests in Kalshi, Gives Vote of Confidence

Prediction markets are surging in popularity, with Kalshi, Polymarket, and Crypto.com seeming determined to remain in the United States while expanding their sports event contracts.

Legal pushbacks in Nevada and elsewhere have not been enough to depress consumer interest, nor, it appears, investment from popular sports figures. The latest to join Kalshi as an investor is the Milwaukee Bucks ace, Giannis Antetokounmpo.

NBA Ace Becomes First Player from the League to Secure Stake in Company

He is the first NBA player to invest in the company at a time when major sports leagues, including the National Football League, have lessened their opposition to the vertical. Commenting on his decision on social media, Antetokounmpo added:

“The internet is full of opinions. I decided it was time to make some of my own. Today, I’m joining Kalshi as a shareholder. We’re all on Kalshi now.” 

While there is no direct breach of league rules, which allow players to hold up to 1% stakes in sports betting companies, some fans have grumbled over the decision. However, Kalshi is not a sports betting company. 

As a prominent NBA insider, and amid an ongoing corruption probe into the league, Internet netizens have questioned whether this was an ethical decision to make at this specific point. 

Several prominent NBA insiders have gotten into hot water with law enforcement, among them are Terry Rozier, Jontay Porter, and Chauncey Billups.

All three have been accused of insider trading. A gambler with supposed ties to Rozier already received a two-year prison sentence, and Porter has been banned from the life game. 

Both Porter and Billups are awaiting sentencing, with a prison sentence a possibility. 

History of Multiple League-Related Gambling Scandals 

Rozier has maintained his innocence. Antetokounmpo’s decision to join Kalshi as an investor comes in this fraught context and poses its unique challenges.

Because of the recent scandals, Americans are increasingly skeptical of the fairness of sports events – most believe that when given a chance, players would not play to the best of their ability to secure an outcome in a betting market instead. 

Kalshi, in the meantime, has become the first predictive market to openly speak critically of insider trading and has vowed to show no leniency in instances of leveraging insider trading to influence markets. 

Despite the enthusiasm for sports event contracts, however, many fans are skeptical.