Prediction market Kalshi is reportedly close to finalizing a sponsorship deal with The Athletic, the sports news platform owned by The New York Times Co. (NYSE: $NYT).
Kalshi and The Athletic are reported to be in advanced talks over a sponsorship ahead of the NFL football season that kicks off on Sept. 9.
The Athletic has been holding talks with several prediction-market companies since a previous sponsorship it had with BetMGM (NYSE: $MGM) expired earlier this year.
Any sponsorship would apply strictly to The Athletic’s sports news site rather than across The New York Times, which regularly reports on prediction markets and the rise of betting.
The Athletic and BetMGM had an exclusive sponsorship deal in place since 2021 that was anchored by a betting hub on The Athletic that carried live odds on various sports contests.
The New York Times acquired The Athletic in 2022.
A partnership between The Athletic and Kalshi could prove complicated for The New York Times given that New York’s Attorney General is suing Kalshi to bar it from operating within the state.
Kalshi and other prediction markets continue to get the majority of their revenue from betting on live sports.
Prediction markets and online gambling sites are gearing up for the NFL football season, which is expected to be the next big catalyst following this summer’s World Cup soccer tournament.
Kalshi has said that users on its platform wagered a record $27 billion U.S. on World Cup soccer games during June and July.
NYT stock has declined 2% this year to trade at $68.42 U.S. per share.
Kalshi is a private company and its stock does not trade on a public exchange.
