Prediction markets, once dominated by political forecasts and macroeconomic speculation, are now moving into sports — and increasingly competing not only with traditional sportsbooks, but also with a new class of crypto-native betting platforms.
The shift gained momentum after the National Hockey League (NHL) signed partnership agreements with Kalshi and Polymarket, marking the first official collaboration between a major U.S. sports league and prediction platforms. The move underscores how mainstream these once-experimental markets have become.
“The handle in sports is growing for the sportsbooks,” said Keith Wachtel, president of NHL business. “We believe the rising tide is lifting all boats here.”
For years, politics dominated prediction markets, driven by global attention to elections, referendums, and policy shifts. Major events like U.S. presidential races drew huge volumes, making political forecasting the core use case for these platforms.
The broader sports betting industry continues to surge. Licensed U.S. sportsbooks generated about $13.7 billion in revenue in 2024, with total wagers surpassing $150 billion in the United States — up more than 20 percent year over year. Analysts project the market will continue to grow, driven by digital adoption and new engagement formats.
“Sports now rival politics as the most active category on prediction markets for a simple reason — both are unpredictable, emotional, and easy to track. But sports move faster: games happen every day, results come within hours, and fans are personally invested. That constant action and emotional payoff make sports the perfect space for real-time engagement and prediction,” Vladislav Petkevich, UBO of the esport crypto platform Dexsport, notes.
At the same time, crypto-based betting platforms such as Dexsport, are growing as well, attracting users who prefer decentralized, wallet-based wagering. These Web3 platforms offer instant payouts, low fees, and full transparency on-chain — features that align closely with the ethos of prediction markets. Together, they are reshaping how users speculate on sports, merging the speed and excitement of betting with the efficiency of decentralized finance.
For users, the experience across these platforms may look increasingly similar — fast-moving markets, real-time odds, and strong community engagement. In prediction markets, participants compete against each other, buying and selling outcome contracts whose prices reflect collective market sentiment.
Crypto-based sportsbooks emphasize privacy, speed, and discretion. Bets can be placed instantly using crypto wallets, without intermediaries or personal identification, allowing users to manage their wagers privately and even keep their gaming habits off traditional financial records. For many, that combination of autonomy and anonymity is as appealing as the bets themselves.
As prediction markets and Web3 sportsbooks continue to converge, they are creating a hybrid ecosystem of financialized fandom, where betting, entertainment, and blockchain infrastructure intersect.
