Copyright ABC News
President Donald Trump's social media company, Trump Media and Technology Group, announced Tuesday that it will soon launch a prediction betting marketplace on Truth Social, allowing users to gamble on sports and politics directly on the platform. Devin Nunes, the CEO of TMTG, said in a statement that the firm is "democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight." TMTG said it would partner with Crypto.com to develop the betting marketplace, which will begin beta testing sometime in the "near future." The industry around prediction markets -- dominated so far by big names like Polymarket and Kalshi -- has boomed in recent years, particularly since the 2024 presidential election. Both of those firms are reportedly worth several billion dollars. But the proliferation of these markets -- which pit bettors against one another, rather than the operator of a sports book -- has also prompted scrutiny. Recently, for example, bets suggested advanced knowledge of the eventual Nobel Peace Prize winner, according to The New York Times. Tuesday's announcement isn't the Trump family's first foray into prediction markets, as Donald Trump Jr. recently signed on as a strategic adviser to Kalshi and pumped money from his investment firm into Polymarket. In addition to its plans for a betting marketplace, TMTG currently oversees Truth Social, the Truth+ streaming service, and a cryptocurrency bitcoin treasury.
