"Giannis Antetokounmpo of the Milwaukee Bucks announced Friday that he has joined prediction market Kalshi as a shareholder, making him the first NBA player to invest directly in the company. "The internet is full of opinions. I decided it was time to make some of my own," said the two-time NBA MVP in a social media post. "Today, I'm joining Kalshi as a shareholder. We all on Kalshi now.""
"The announcement has not gone over well on social media. On Reddit, for example, one user described it as "literally a conflict of interest," while another described Kalshi as "cancerous" and yet another wondered, "is this even allowed." According to The Athletic, the NBA's recent collective bargaining agreement allows players to advertise and take stakes of up to 1% in sports betting companies, as long as they're not promoting league-related wagers."
Giannis Antetokounmpo joined prediction market Kalshi as a shareholder, becoming the first NBA player to invest directly in the company. He said the internet is full of opinions and announced joining Kalshi on social media. The announcement prompted social media backlash, with Reddit users calling it a conflict of interest, "cancerous," and questioning its permissibility. The NBA collective bargaining agreement permits players to advertise and hold up to 1% stakes in sports betting firms provided they avoid promoting league-related wagers. Kalshi will partner with Antetokounmpo on marketing and live events and prohibits insider trading or market manipulation; he cannot trade on NBA-related markets.
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