Canelo Alvarez turned down a cash endorsement from Kalshi and took a piece of the company instead. The boxer has signed a multiyear deal as an ambassador and investor with the prediction market, Forbes reported Tuesday. A person with knowledge of the deal told the outlet his stake is worth more than $10 million at Kalshi’s current valuation.
Kalshi’s logo will be on Alvarez’s trunks Saturday, October 31, when he challenges Christian Mbilli for the WBC super middleweight title in Riyadh. Kalshi did not disclose the terms of the agreement.
Alvarez explained the move in an email to Forbes from his training camp.
I get asked all the time by different brands to endorse their products, but I am very careful about the partnerships I pick because they have to be true to who I am, and I have been focused instead on building my own brands. I was attracted to Kalshi because they are the leader in their field and I believe in their potential.
Those brands include VMC canned cocktails, Canelo Energy gas stations and Upper convenience stores in Mexico. Alvarez also stars in a new Kalshi commercial built around a Rocky-style training montage, which he shared on X.
Why Kalshi wants Canelo
Ben Rosing, who oversees growth partnerships at Kalshi, told Forbes that Alvarez “hits a Spanish-speaking audience that we really haven’t marketed to in the past.” Kalshi launched a Spanish-language version of its app last month, aimed at the roughly 12% of its users who have their phones set to Spanish.
Boxing is still a small market for the company. Forbes reported roughly $270 million in boxing trading volume on Kalshi since its first boxing market was listed in May 2025, though that volume jumped 40% in September. Rosing said Kalshi wanted into the sport “as it pivoted away from the pay-per-view model.” Saturday’s card still airs on DAZN pay-per-view.
Alvarez joins a Kalshi athlete roster that includes Bryson DeChambeau, Giannis Antetokounmpo, Ronald Acuña Jr. and Marshawn Lynch. Antetokounmpo is also an investor. The NFL and PGA Tour have barred current players from endorsing prediction markets, Forbes noted, which is part of why Kalshi has leaned on retirees like Lynch in football.
The partnership also arrives while Kalshi fights lawsuits in several states, including New York, Utah and Wisconsin, that accuse it of running an illegal gambling operation. The company argues trades on its platform are not gambling because users trade against each other rather than a sportsbook.
A title shot after the Crawford loss
Saturday is Alvarez’s first fight since he lost his undisputed super middleweight titles to Terence Crawford in September 2025. Crawford retired afterward, and Mbilli (29-0-1, 24 KOs) was elevated from interim to full WBC champion. This is his first defense, and Crawford has said Mbilli’s best chance against Canelo is to turn it into a rough, physical fight.
Sportsbooks made Alvarez (63-3-2, 39 KOs) a clear favorite once the bout was set, with DraftKings listing him at -300, according to The Ring. The fight headlines the “Mexico vs. The World” card at The Venue in Riyadh, one of several boxing events on this week’s schedule. Alvarez has also said a rematch with Crawford is the fight he wants most.
