Giannis Antetokounmpo has had an extremely eventful season, and now, his latest off-court move has sparked an unusual backlash. After trade rumors about his future became widespread, the Milwaukee Bucks superstar has emerged as a stakeholder in Kalshi, raising questions about optics, trust, and timing. Here’s everything you need to know about the situation.

What Is Kalshi and How Does It Work?

Kalshi isn’t a sportsbook in the traditional sense, instead operating as a prediction market. Here, users can trade “event contracts” which are tied to real-life events. Each contract has only two outcomes; either it happens or it doesn’t, and users can buy shares based on what they think is likelier to happen, with between a $0.01 to $1 buy-in per contract.

If the user is right, the contract pays out, and if they’re wrong, the shares expire without retaining any worth. Prices keep fluctuating on demand,  similar to how a financial exchange might function.

Kalshi offers markets on an extremely wide range of topics: economic data releases, weather events, political outcomes, and sports results. Instead of framing itself as gambling, the service positions the markets as tools for forecasting, and this distinction sits at the heart of both its appeal and criticism.

Is Kalshi Legal and Regulated in the United States?

Kalshi operates as a federally regulated Designated Market Contract under the Commodity Futures Trading Commission, and that federal approval lets it function around the US, even in states where more traditional sports-based betting is restricted.

However, the regulation hasn’t stopped Kalshi from being in controversy. Multiple states have challenged the platform, arguing that various markets on the service resemble gambling instead of financial instruments, and cease-and-desist orders along with legal disputes have followed, especially in election contracts.

While Kalshi maintains the position that the CFTC oversight makes the markets legal, many have argued that it doesn’t solve the ethical concerns, especially when the markets intersect with sports narratives, politics, or public figures, and that’s where Giannis Antetokounmpo becomes relevant.

Why Did Giannis Antetokounmpo Invest in Kalshi and What Does It Mean for the Brand?

According to recent reports, Antetokounmpo has taken on a shareholder role in Kalshi, announced through a statement on his X account.

“Everyone is online,” Antetokounmpo’s statement read. “The internet is full of opinions. I decided it was time to make some of my own. Today, I’m joining Kalshi as a shareholder. We all on Kalshi now.”

However, Kalshi did make it clear through a release of their own that due to his status as an active player, he is forbidden from participating on their NBA-related markets. However, that doesn’t solve the current backlash.

Rumors have circulated all season about Antetokounmpo potentially leaving the Bucks, which lasted all the way until the deadline, when ESPN‘s Shams Charania finally reported that the Bucks weren’t looking to move Antetokounmpo.

Those whispers exploded across Kalshi, driving roughly $23 million in volume as users speculated where he might land, and just days after it was announced that he was staying, the news of his involvement in the platform surfaces.

The sequence felt unsettling to some, and even without any wrongdoing, the perception of a star player investing in the very market that profits from speculation on his future has been enough to spark anger.

Has Giannis Antetokounmpo Invested in Other Startups Before?

Antetokounmpo’s business resume is broader, and usually safer than his stake in Kalshi. The Greek forward has ownership stakes in several professional sports franchises, including the Milwaukee Brewers of the MLB and Nashville SC of the MLS.

His investment in Kalshi stands out because it’s a platform driven by volatility, perception, and public behavior, the same forces that shape player rumors and emotions, and this is why the criticism has been harsher than usual.

Only time will tell what comes of this partnership, but it’s clear that the noise around Antetokounmpo’s investment isn’t quieting down anytime soon.