NBA Star Giannis Draws Regulatory Attention With Kalshi Stake

Giannis Antetokounmpo, a popular NBA player, has acquired a very small equity stake in Kalshi, a U.S.-based prediction market platform.

This move makes Antetokounmpo the first active NBA player to hold a financial interest in a platform that allows trading on basketball-related events. This development has drawn strong public attention and regulatory interest.

Timing of Giannis’ Kalshi Investment Sparks Conflict Concerns

On February 6, Antetokounmpo announced the investment in a recent X post. Kalshi later confirmed that the deal was finalized one day earlier and the star’s ownership stake remains well below 1%. The move has attracted strong public attention and sparked interest from regulators.

At Kalshi’s most recent valuation of $11 billion, a 1% stake would be worth $110 million. Kalshi did not disclose the exact size of Antetokounmpo’s investment but confirmed it is well below the allowed limit.

The timing of the deal quickly became a focal point of debate. Kalshi finalized the agreement on the same day the NBA trade deadline closed. Meanwhile, the platform had recently hosted an active market predicting whether Antetokounmpo would be traded. 

That single market attracted more than $23 million in trading volume. Kalshi said the partnership was not active while those trading markets were running. Still, critics on social media raised concerns about possible conflicts of interest.

Kalshi Defends Safeguards as Critics Raise NBA Integrity Concerns

Kalshi said strict rules already stop Antetokounmpo from trading on any NBA-related markets. The rules also ban him from trading on markets that mention him directly.

These restrictions existed before he became a shareholder and remain in effect. Kalshi said it enforces some of the strongest insider trading rules in the industry. It also fully bans athletes from trading in markets tied to their own leagues.

Despite these safeguards, criticism continued online, with commentators arguing that the situation goes far beyond typical athlete endorsements. As of publication, the National Basketball Association has not issued a public response. 

The league previously raised concerns with federal regulators about the integrity risks posed by prediction markets. This is particularly after Kalshi began offering moneylines and spreads on professional basketball games.

Kalshi Faces Legal Pressure Despite Strong Growth

Antetokounmpo’s investment comes at a complex moment for Kalshi. The company recently raised $1 billion in funding and reached an $11 billion valuation, backed by major tech and crypto investors.

Kalshi reports over $100 billion in annualized trading volume, with sports markets making up a large share. At the same time, the platform faces growing legal pressure at the state level.

A Massachusetts court rejected Kalshi’s request to pause an injunction banning its sports contracts. This marked the first court ruling to directly limit a federally regulated prediction market’s sports offerings.

Regulators in several other states have also taken action, while Kalshi argues that federal law overrides state gambling rules.