Giannis Antetokounmpo of the Milwaukee Bucks becomes a shareholder at Kalshi

Giannis Antetokounmpo, a forward for the Milwaukee Bucks, recently disclosed that he has become a shareholder in the prediction-market platform Kalshi. This move marks the first time an NBA player has directly invested in the company. Kalshi specializes in offering financial contracts based on sports predictions, such as betting on whether Antetokounmpo would be traded before a specific deadline.

Kalshi released a statement stating that Antetokounmpo will collaborate with the company at various live events and marketing initiatives. However, due to his active status in the NBA, he is restricted from participating in any trading activities related to the league. This precaution aims to prevent any instances of insider trading or market manipulation. Fortunately, the most recent NBA collective bargaining agreement permits players to promote sports betting businesses, as long as it does not involve NBA, WNBA, or G League bets. Additionally, players have the opportunity to hold up to a 1 percent stake in such companies as passive investors.

Amid swirling trade rumors surrounding Antetokounmpo, over $23 million was wagered on Kalshi speculating about his future. The market, titled “Giannis Antetokounmpo’s next team?” saw fluctuations in his chances of staying with the Bucks, dropping below 30% at times in December. Just two days before the trade deadline, his likelihood of remaining with the Bucks was approximately 38%. Unfortunately, those who acted on the rumors did not see favorable outcomes. Although there is no concrete evidence of any dishonest dealings involving Antetokounmpo, the situation sparked controversy and criticism.

This controversial partnership emerges during a period when the NBA is facing challenges due to the legalization of sports gambling. It is noteworthy that Antetokounmpo has also recently joined the ownership group of Chelsea Women. Collaborating with Alexis Ohanian, the Reddit founder who acquired a stake of around 10% in the reigning Women’s Super League champions for approximately $27.2 million last year, Antetokounmpo’s involvement in sports ventures continues to broaden his business portfolio.