The National Hockey League has signed multiyear licensing deals with prediction market platforms Kalshi and Polymarket, becoming the first major U.S. professional sports league to permit the use of its trademarks by markets outside the sportsbook industry, the Wall Street Journal reported. The agreements allow both companies to use official NHL branding — including team names, the league logo and terms like “Stanley Cup” — in their respective platforms where users trade on the outcomes of sports events. The move effectively puts Kalshi and Polymarket in direct competition with traditional sportsbooks like DraftKings and FanDuel. But the path each company is taking is different. Kalshi is regulated by the Commodity Futures Trading Commission, giving it legal clearance to offer contracts in all 50 states, including those where online sports betting remains restricted. Polymarket, which operates on the blockchain and has faced regulatory challenges in the U.S., is preparing to relaunch domestically. The company recently landed a $2 billion investment from Intercontinental Exchange, the parent of the New York Stock Exchange which may give it the financial and institutional backing to expand more aggressively. The NHL already maintains similar brand licensing deals with DraftKings, FanDuel and BetMGM. But this is the first time it has extended such access to prediction markets, signaling a shift in how professional sports leagues view the broader event derivatives space. Since the deal, shares of Flutter Entertainment — the parent company of FanDuel — have fallen sharply. DraftKings stock has also dipped, reflecting investor concerns that prediction markets could cut into sportsbook market share, especially if they remain accessible in otherwise closed markets. Prediction markets have seen renewed momentum in recent months, driven in part by interest in political contracts ahead of the 2024 U.S. presidential election. Platforms like Kalshi and Polymarket have drawn thousands of users betting on everything from debate performances to candidate withdrawals — and now, sports leagues are starting to follow that attention.