Giannis Antetokounmpo Invests in Kalshi Platform

Milwaukee Bucks standout, Giannis Antetokounmpo, has recently made headlines by becoming a shareholder in Kalshi, as disclosed by his social media platforms and confirmed by the prediction market operator. Commonly referred to as the “Greek Freak,” the ten-time all-star and two-time MVP is not just excelling on the court but also actively participating in business endeavors off the court. Through his company, Ante Inc., and his venture fund, BYL Venture, Antetokounmpo has expanded his portfolio with Kalshi, boasting an impressive $100 billion in annualized revenue.

Expressing his enthusiasm for the Kalshi markets, Antetokounmpo stated, “I love the Kalshi markets and have been checking them often recently. I like to win. It’s clear to me Kalshi is going to be a winner, and I’m excited to be getting involved.” Despite his investment, Antetokounmpo will be unable to trade on any NBA event contracts available on the platform due to his status as a current league player. This limitation aligns with Kalshi’s stringent terms of service, which prohibit insider trading and market manipulation, in line with Article 35 of the league’s constitution banning players from wagering on NBA and G League competitions.

Following a significant $1 billion funding round towards the end of last year, privately held Kalshi received an $11 billion valuation. While specific details of Antetokounmpo’s investment remain undisclosed, it is evident that he joins a notable group of prominent investors in Kalshi. This list includes Andreessen Horowitz, Sequoia Capital, Coinbase Ventures Paradigm, Anthos Capital, Neo, and Cathie Wood’s ARK Venture Fund, among others.

Antetokounmpo is not the first NBA luminary to invest in a prediction market operator, although his entry into Kalshi marks a more direct route compared to some of his predecessors. Noteworthy figures such as Kevin Durant of the Houston Rockets, Trae Young of the Washington Wizards, and former Dallas Mavericks owner Mark Cuban have previously invested in Underdog. Initially a daily fantasy sports (DFS) company, Underdog transitioned its focus to prediction markets through a partnership with Crypto.com, announced in October of last year.

The NBA allows its players to invest in sports wagering companies and cannabis firms under the league’s collective bargaining agreement (CBA) with players. However, the NBA remains wary of the potential risks prediction markets may pose to the integrity of games, urging the Commodities Futures Trading Commission (CFTC) to establish comparable guidelines to those enforced by state-regulated sportsbook operators.