Despite opposition from state regulators, Kalshi had added NHL moneylines to its sports event markets.
The NHL markets follow the site creating events for NBA and MLB match winners last week.
The pro hockey markets appeared on site in time for the playoffs starting. The company is targeting big sporting events and is not dissuaded by states issuing cease-and-desist letters.
NHL betting has become increasingly popular. In February, the 4 Nations Face-Off final between the U.S. and Canada in February 2025 set new records for single-game hockey betting.
Last year Game 7 between the Florida Panthers and Edmonton Oilers became BetMGM’s most-bet NHL game ever. The dramatic comeback by Edmonton, overcoming a 3–0 series deficit, spurred substantial betting activity.
Kalshi will be hoping for similar drama in this year’s playoffs to bring high liquidity to its markets.
Fine line between predicting and betting
Kalshi asserts that its markets are different from sportsbooks, but the lines are becoming increasingly blurred. States are becoming frustrated at operators skirting gambling laws to offer sports betting. NHL moneylines will no doubt anger regulators further.
Sweepstakes casinos, offshore sites, and crypto sportsbooks have also found ways to allow bettors to wager on sporting events. These sites can often operate even in states where online sports betting is prohibited.
Company lawyers argued in a Nevada court that its markets have real-world economic consequences, so they are valid financial predictions.
Speaking on basketball markets, a lawyer said, “the winner of the Final 4 Men’s Basketball or Women’s Basketball Championship clearly has real-world financial consequences for the schools, the sponsors, et cetera. So that’s how Kalshi draws the line.”
Will NHL Moneylines draw the line?
Previously, the site focused its NHL events on futures, such as the winner of the Stanley Cup. Match winner markets have so far been focused on the playoffs in the NBA, MLB, and now NHL. If the site expands into NHL moneylines for regular-season matches, this could mark another change in direction.
Kalshi’s lawyer said the site will draw the line at offering prop bets. He commented, “Kalshi is careful to offer contracts that have financial consequences in the real-world rather than the sort of prop bets that you might see at a sportsbook”.
Time will tell. CEO Tarek Mansour had said that the site had little interest in sports markets, but the success of the Super Bowl and March Madness has changed that.
The next few weeks could be decisive in determining the future of sports prediction markets. Kalshi faces an upcoming hearing in New Jersey before the Commodity Futures Trading Commission (CFTC) hold a roundtable to discuss the spread of sports event trading.
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