New Prediction Market

Trump Media announced a cryptocurrency-based prediction market platform that will allow users to bet on political, sports, and economic outcomes.

Context

Prediction markets allow users to place bets on the outcomes of future events, from elections to sports games to economic indicators. The sector gained mainstream attention during the 2024 presidential election when platforms like Polymarket and Kalshi saw massive trading volumes. 

The Trump Administration has eased the regulatory environment for prediction markets: In May, the Commodity Futures Trading Commission (CFTC) dropped an appeal against Kalshi over election betting legality. Two months later, both the CFTC and Justice Department ended probes into Polymarket, which had previously agreed to wind down US operations under a Biden-era settlement.

Truth Predict 

On Tuesday, Trump Media & Technology Group announced it would partner with Crypto.com to launch "Truth Predict," a prediction market platform on Truth Social. The service will allow users to place crypto-based bets on political races, sports contests, commodity prices, and economic shifts.