Author: Zen, PANews

At 4 AM Beijing time on February 6, the most tumultuous trade deadline in NBA history finally came to a close. Among the dazzling array of trade news, the most watched free agent—Milwaukee Bucks star "Giannis"—ultimately chose to stay with his team after two months of trade rumors and back-and-forth negotiations.

At the same time, the event contract on the prediction market platform Kalshi regarding "Giannis's stay or departure" began to enter the settlement phase. The contract's cumulative trading volume exceeded $23.3 million, making it the highest-grossing single event contract in the NBA, second only to "NBA Championship Winner."

Just when people thought the trade deadline had passed and Giannis's series of dramas could finally come to a complete end, he unexpectedly "brought his talent to Kalshi," transforming into a shareholder of the platform. Long benefiting from high exposure due to trade rumors, he ultimately signed a commercial partnership under the spotlight. This action sparked dissatisfaction among many fans.

To some extent, this is reminiscent of another top NBA star, LeBron James, who seriously announced before last season that he would reveal "Decision 2.0," giving the impression that he was about to retire, only to ultimately announce, "I will bring my talent to Hennessy," a move that seemed to mock fans.

However, compared to LeBron promoting Hennessy, what is worse for Giannis is that his collaboration with Kalshi, which is viewed by most fans as an "alternative gambling platform," is not just about advertising exposure and brand public relations, but also concerns sports ethics, competitive fairness, and conflicts of interest.

Giannis and Kalshi's Resonant Experience: From "Undocumented" to Top Star

"Giannis" is the real name of Giannis Antetokounmpo, and his Chinese nickname originated because his name is too long and has too many letters, leading sports community fans to call him "Giannis" or "the letter brother," which gradually spread.

On the NBA court, there is never a shortage of inspiring stories, and Giannis's rise is a dramatic and legendary example. Giannis was born in Greece to parents who were illegal immigrants from Nigeria. According to Greece's principle of bloodline citizenship, being born into a family without legal documents and work permits meant Giannis could not obtain Greek citizenship. His parents struggled daily to make ends meet while raising their five sons.

At the age of 13, the tall and athletic young Giannis began learning to play basketball. Through hard work and extraordinary talent, he became one of Europe's brightest basketball stars by the age of 18. He caught the attention of several top European clubs and subsequently attracted a large number of NBA scouts.

When Giannis was preparing to go to the U.S. for the 2013 NBA Draft, he was still in an "undocumented" status. After a series of meetings with agents and the Greek government, along with strong support from then-Sports Minister Giannis Ioannidis, Giannis finally obtained Greek citizenship on May 9, 2013. On June 27, he was selected by the Milwaukee Bucks with the 15th pick in the first round, successfully entering the NBA.

Giannis's life philosophy, in his own words, is that "the spirit of perseverance is the most important." After entering the NBA, Giannis transformed into an All-Star and superstar through relentless effort and a constant pursuit of improvement. Since 2019, he has been a strong contender for the league's best player. Now, he holds two MVP trophies, led the Bucks to their first NBA championship since 1971, and was named Finals MVP, along with numerous All-NBA and All-Star honors.

From an unremarkable background to becoming a top star, Kalshi also has a similar experience. Founded in 2018, Kalshi underwent six years of dormancy, exploration, and struggle before finally shedding its non-compliant "undocumented" status and gaining recognition from the U.S. Commodity Futures Trading Commission (CFTC) as a regulated exchange.

The "struggle experience" of the Kalshi platform mirrors Giannis's personal journey, which may be one reason for their collaboration.

The NBA's Embrace of Gambling: Opening Pandora's Box

Giannis is the first NBA player with a public interest connection to Kalshi, but he is not the first public figure in the league to venture into the prediction market.

In November 2025, the NBA reviewed a startup company named Mojo Interactive Inc. entering the prediction market, as its founders are minority shareholders of the Minnesota Timberwolves, Mark Lore and Alex Rodriguez. According to Mojo CEO Vinny Balarama, the company began trading contracts related to sports events during the NFL season last fall, but has not yet engaged in NBA-related trades.

Regarding this matter, an NBA spokesperson stated that the league is aware that the two Timberwolves shareholders hold minority stakes in Mojo but do not participate in the company's daily operations. "We are reviewing this arrangement to verify its compliance with league regulations." He also emphasized that NBA teams and league personnel are prohibited from trading NBA or WNBA contracts on any prediction market platform.

The NBA's management is relatively lenient regarding whether team owners hold shares in gambling companies, as long as they do not personally oversee operations related to NBA betting. For example, Dallas Mavericks owner Mark Cuban is the president and COO of the globally renowned casino and hotel operating group, Las Vegas Sands. The two Timberwolves owners have also assured the NBA that they fully comply with the league's established policies. While proving the legitimacy of their business, they also reveal that Pandora's box has already been opened.

"The internet is full of comments, and I decided to make my voice heard… Today, I join Kalshi as a shareholder." Now, Giannis's joining declaration makes the relationship between the NBA and the prediction market even more ambiguous. Among global sports leagues, the NBA is the most proactive in commercializing gambling partnerships, willing to embrace incremental revenue and more willing to manage risks with compliance clauses.

From a regulatory standpoint, since the NBA signed a new collective bargaining agreement with the players' union in 2023, NBA players' commercial reach has become broader and more flexible. The league even allows NBA players to participate in sports betting and recreational cannabis businesses, with the only restrictions being that "investments must be passive" and "the player's ownership stake cannot exceed 1% of the gambling company" (50% for cannabis brands).

Therefore, regardless of whether the prediction platform is considered a gambling dispute, Giannis's collaboration with Kalshi does not violate league rules. This is why a Kalshi spokesperson only revealed that Giannis's ownership stake did not exceed the 1% red line, without disclosing specific ownership data. Before Giannis, LeBron had also partnered with the gambling company DraftKings in 2024, serving as a brand ambassador for NFL and some non-NBA events. However, LeBron's involvement was limited to the role of brand ambassador, lacking the depth of Giannis's collaboration.

In contrast, the NFL, another top commercial sports league, has taken a stricter stance on similar collaborations. Giannis's signing has raised suspicions about whether NFL athletes will follow suit. An NFL spokesperson responded that players in the league are not allowed to own shares in prediction market companies.

In the Era of Prediction and Gambling, How Do Fairness, Ethics, and Trust Return?

As soon as the news of Giannis becoming a shareholder of Kalshi broke, it immediately exploded on social media. The fan base that truly pays attention to Giannis found themselves more often in opposition. People began to question how much money it would take for a billionaire to feel that this was worth it.

"A player involved in massive trade rumors actually owns a part of a prediction market where people can bet on whether he will be traded; this is a huge conflict of interest," independent sports journalist Joon Lee believes. He argues that this collaboration goes far beyond a player advertising for a sports betting company. He also unexpectedly discovered in a Barron's report that Kevin Durant also seems to be an investor in Kalshi.

Previously, fans had seen more endorsement-type collaborations, which essentially resembled advertising deals without involving equity binding. But Giannis's "shareholder status" has pushed the situation into a higher sensitivity zone of conflict. Even a passive, minimal stake still qualifies him as an "interested party," especially considering this is a newly emerging company valued at over $10 billion.

In the collaboration statement, Kalshi emphasized that Giannis would be prohibited from participating in any NBA-related trades. However, the real risk still exists regarding Giannis's willingness, ability, intensity, and transparency in self-regulation, which fans are skeptical about. Many fans have even begun to speculate whether Giannis himself participated in trades regarding his stay or departure. Coupled with the contradictory statements Giannis made before the NBA trade deadline, some speculate he may be manipulating insider trading while toying with fans.

Now, with the NBA deeply intertwined with the gambling industry, fans have long been living amidst various odds and data. This has also intensified the motivation for insider manipulation, quietly eroding trust in sports ethics and confidence in the motivations behind games.

Earlier in the NBA season, Portland Trail Blazers head coach was arrested for illegal gambling; Miami Heat player Terry Rozier was arrested for allegedly using insider information from NBA players to manipulate prop bets. The potential for new scandals to erupt at any moment in the NBA severely undermines fans' confidence in sports ethics and trust in game motivations.

Another consequence of fully financializing sports is that in an environment where gambling is ubiquitous, fans will project more variables—such as game pauses, rotations, injury return times, and even post-game interviews—as "factors that could affect the market."

This is precisely the most challenging aspect of the prediction market era; its financial logic rewrites the way sports narratives are appreciated. The exciting game process can no longer be fully appreciated by fans, and inspiring stories like Giannis's are no longer of interest; people begin to care only about where the "Greek Freak" will go next, when he will retire, and how much money can be made from him.

In the era of gambling and prediction markets, doubts and controversies cannot be quelled by mere self-assertion. Restoring fairness, ethics, and trust is a more difficult proposition we need to address.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。