NBA star’s partnership with a prediction market raises new questions for a troubled sports betting landscape

As the NBA trade deadline approached in early February, fans waited anxiously to see if star player Giannis Antetokounmpo would be moved to another team. The buzz around the Milwaukee Bucks forward, who could raise the title hopes of any franchise, reached a point where on the platform Kalshi users could place money on whether or not he would be traded. 

The window to bet on Antetokounmpo’s future closed on February 5th, and a total of $23 million was placed on the wager. To the surprise of some...