NBA Commissioner Adam Silver said he does not believe Giannis Antetokounmpo violated league rules by investing in prediction market platform Kalshi, though he acknowledged the broader gambling environment continues to shift quickly.

Antetokounmpo recently revealed that he had become a shareholder in Kalshi, a federally regulated exchange where users trade on the outcomes of events, including sports-related markets. The announcement followed weeks of speculation about his future in Milwaukee, during which more than $23 million was traded on Kalshi over which team he would represent after the NBA trade deadline. He ultimately remained with the Bucks.

After confirming he would stay in Milwaukee, Antetokounmpo posted on social media: “Everyone is Online. The internet is full of opinions. I decided it was time to make some of my own,” Antetokounmpo wrote in a post on social media. “Today, I’m joining Kalshi as a shareholder.”

League Rules and a “Minuscule” Stake

Speaking during NBA All-Star Weekend, Silver explained that the league’s collective bargaining agreement permits limited ownership stakes in gambling-related businesses. He said Antetokounmpo’s involvement falls within those boundaries.

“We have a rule that was collectively bargained with the Players Association that players can make, I will call them, de minimis investments in sports betting companies, and we’re applying the same rule to prediction markets,” Silver said, according to New York Post. “That means their investment cannot amount to over 1%. In the case of Giannis, from what I understand, it’s a minuscule investment, much smaller than 1%. So that does not violate the rules that have been collectively bargained with the Players Association.”

Antetokounmpo is the first NBA player to publicly take an ownership stake in a prediction market company.

Prediction Markets Under Scrutiny

Although the commissioner cleared Antetokounmpo of any rules violation, he signaled that the league is studying the rise of prediction markets closely. Silver has previously supported legalized sports betting in the United States, but he acknowledged uncertainty about how these newer exchanges will fit into the regulatory framework.

“Obviously, it’s an issue that I’m paying enormous amount of attention to,” Silver said. “It’s rapidly evolving. Prediction markets have now come on the scene fairly recently as, I don’t know how else to say it, major sports betting marketplaces.”

He added that the future of these platforms may hinge on legal decisions in Washington. “Whether prediction markets are allowed to go forward in the form they’re in now will, I think, be ultimately an issue for the courts and for Congress,” Silver said.

Sports wagering is legal and regulated in 39 U.S. states after the Supreme Court struck down PASPA in 2018, and the NBA maintains partnerships with operators such as DraftKings and FanDuel. The league has not entered into comparable agreements with prediction market platforms. Unlike state-regulated sportsbooks, prediction markets operate under federal oversight from the Commodity Futures Trading Commission and are available in both sports betting and non-sports betting states. Several jurisdictions, including Massachusetts and Nevada, have pushed back against event-based contracts offered by exchanges, leading to legal disputes.

Kalshi itself reached a valuation exceeding $11 billion in late 2025, and trading activity on the platform has continued to climb.

Integrity Concerns at Home and Abroad

Silver widened the discussion beyond Antetokounmpo’s investment, describing the broader landscape of betting activity as a concern for the league.

“It concerns me in the totality of all this betting that we need a better handle, no pun intended, on all the different activity that’s happening out there,” Silver said. “There’s been some – Sportradar is a company we deal with now. There’s others, massive database companies that are looking at getting into this business for all leagues. So there are ways that you can, in essence, scrape the internet – I don’t know a better way to say it – for whatever chatter is happening out there and try to pick up all the markets, legal and illegal, to see whatever aberrant behavior is out there. So I’m paying a lot of attention to that.”

He also noted that wagering on NBA games extends beyond the United States, where oversight varies.

The league’s vigilance comes amid ongoing gambling-related issues involving players. Miami Heat guard Terry Rozier faces federal charges alleging he manipulated a performance and defrauded sportsbooks with the help of a friend. Rozier has pleaded not guilty and remains free on bail after his October arrest. Former Toronto Raptors player Jontay Porter received a lifetime ban from the NBA in 2024 after investigators found he removed himself from two games and assisted bettors in winning under wagers to address gambling debts. Federal prosecutors later charged Porter with wire fraud, and he is awaiting sentencing.

Silver has previously called for tighter safeguards, including potential limits on certain player prop wagers. As prediction markets expand and draw high-profile investors such as Antetokounmpo, the NBA continues to evaluate how these platforms intersect with its integrity policies.