The pressure around Giannis Antetokounmpo has recently extended beyond the basketball court. Instead of trade rumors or playoff positioning, the conversation now centers on a business tied to his name and whether it crossed a legal boundary set by college sports’ governing body.
The NCAA has formally demanded that the prediction market company Kalshi remove the phrase “March Madness” and other NCAA trademarks from its platform after determining they were being used without permission.
The company, valued at $11 billion and backed by Antetokounmpo as a minority investor, has already begun removing some references. However, examples of the wording still appeared on parts of the site as of February 21, 2026, according to gambling insider Dustin Gouker. Because of that, the dispute is no longer theoretical. It is now an enforcement action.
Looks like kalshi started taking these down but still a few examples of Final Four and March Madness pic.twitter.com/ofeo6ga1WQ
— Dustin Gouker (@DustinGouker) February 21, 2026
The NCAA stated the issue is not only trademark ownership but public perception. “The NCAA has previously addressed issues with Kalshi illegitimately using NCAA marks for their offerings.”
“This continues to be a misrepresentation of any NCAA involvement, and we have requested immediate removal of NCAA trademarks.” The organization opposes college sports prediction markets altogether. NCAA president Charlie Baker had already taken a clear position in December 2025. “The NCAA vehemently opposes college sports prediction markets.”
According to the NCAA, platforms like Kalshi operate outside the framework used by regulated sportsbooks and risk implying an official partnership that does not exist. Because March Madness drives massive engagement each spring, protecting that association became urgent.
Kalshi functions differently from traditional betting operators. Users trade contracts on outcomes instead of betting against a bookmaker, which places it in a regulatory gray area that has drawn scrutiny from college athletics.
Adam Silver has backed Giannis Antetokounmpo owning Kalshi stakes amid public outrage
The trademark dispute arrives amid another debate surrounding the company. After the trade deadline, Antetokounmpo revealed he purchased a minority stake in Kalshi. The company had already run a prediction market on his next NBA team from December 2025 through the deadline, generating $23.3 million in trading volume.
That overlap triggered accusations of a conflict of interest from fans, since a current player was connected to a platform hosting speculation about his own career.
NBA commissioner Adam Silver addressed the concern directly. “From what I understand, it’s a minuscule investment, much smaller than one percent, so that does not violate the rules that have been collectively bargained with the Players’ Association.”
The league therefore treated the situation as compliant with existing agreements. However, public debate continued because ethical questions differ from rule violations.
The NCAA’s action now adds a separate layer of pressure unrelated to league governance. Instead of competitive integrity inside the NBA, the issue becomes intellectual property and advertising representation in college sports.
That distinction matters because it places Kalshi in conflict with an external authority rather than the NBA itself. While Silver cleared Antetokounmpo from a league standpoint, the company still must resolve trademark compliance.
Kalshi has started removing references, but the enforcement request indicates the dispute is ongoing. As March approaches, the organization will closely monitor whether the wording disappears entirely.
For Antetokounmpo, the basketball season continues unchanged. For Kalshi, the timeline is tighter because the tournament calendar will not wait for legal gray areas to be sorted.
The post Giannis Antetokounmpo’s $11Bn Business Faces Official Ultimatum Over Illegitimate Actions appeared first on EssentiallySports.
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