Giannis Antetokounmpo Changes the Rules of NBA Endorsements

Just hours before the Trade Deadline, Giannis Antetokounmpo announced that he had become a stakeholder in the American platform Kalshi, a prediction market valued at approximately $11 billion.

The timing immediately drew attention: only hours earlier, Kalshi was listing odds on a potential Giannis trade, generating more than $23 million in trading volume tied to the Milwaukee Bucks star, who ultimately remained with the team.

Legality and regulations: what the 2023 CBA says

Under the 2023 Collective Bargaining Agreement (CBA), NBA players are allowed to hold stakes in betting or fantasy sports companies, provided that:

• The stake is less than 1% equity
• The player holds no decision-making power (non-controlling interest)

This framework ensures that Giannis is operating within legal limits, without violating the collective agreement.

Why Kalshi is not a traditional betting platform

Kalshi’s structure shields Giannis from accusations of conflict of interest:

• The platform does not profit from winning or losing bets like a bookmaker
• Revenue comes from transaction fees, similar to a stock exchange
• For Giannis, those fees could amount to hundreds of thousands of dollars

Additionally, trading on Kalshi is regulated by the U.S. Commodity Futures Trading Commission and does not fall under traditional gambling classifications.

The conflict of interest remains evident

Despite its legality, a potential conflict of interest still exists: Giannis could, even unintentionally, fuel rumors about his future to generate trading activity on Kalshi, a platform in which he holds an ownership stake.

The rise of prediction markets was not anticipated in 2023 and is not yet specifically addressed in the CBA, creating a genuine legal gray area for players.

Implications for the NBA and NBPA

Relations between Adam Silver and the Player Association (NBPA) have already faced tension in cases such as Jontay Porter and the “Aspiration scandal” involving Kawhi Leonard.

Giannis’ entry into Kalshi highlights the need for a new CBA that protects both the league’s competitive integrity and its commercial interests, adapting to emerging market dynamics.