Copyright dailymail
President Donald Trump's social media platform Truth Social will soon allow users to bet on political elections, sports and more. Truth Social announced Tuesday that it was partnering with cryptocurrency trading giant Crypto.com to launch a prediction market 'in the near future.' Users will be able to place wagers on elections, interest rates and inflation rate changes; commodity prices on gold and crude oil; and events from all major sports leagues. Truth Social CEO Devin Nunes said the platform's new 'Truth Predict' feature seeks to 'create a new standard' in a market he claimed 'global elites' controlled. 'We're democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,' he said. Prediction markets allow people to bet real money on real-world events by effectively trying to predict what will happen in the future. Prices update in real time, meaning that users can react instantly to developments. Kris Marszalek, co-founder and CEO of Crypto.com, lauded Truth Social's new feature and said prediction markets would become a 'multi-deca-billion dollar industry.' Prediction markets drew attention during the 2024 US presidential election, even catching Trump's eye last October. He posted a screenshot from Polymarket, a popular prediction market, showing that he was handily favored to beat Kamala Harris. Closer to Election Day, billboards went up around New York City showing Trump and Harris's live betting odds on Kalshi, another prediction market. Now, the US president's media company wants in on the action. Trump Media's stock jumped after Tuesday's announcement, although the uptick was short-lived. Prediction markets are federally regulated by the Commodity Futures Trading Commission (CFTC), whereas sports betting offered by the likes of DraftKings or FanDuel is governed by state laws. That means that a California resident, where gambling is illegal, would be unable to make a traditional sports bet - but they would be allowed to use a prediction market and place a wager on a game's outcome. Interest in prediction markets has ballooned recently, including among the Trump family. Donald Trump Jr. was named a strategic advisor for Kalshi in January 2025. He said he used the prediction market on the night of the 2024 presidential election 'to know we won hours ahead of the fake news media.' Trump Jr. also joined Polymarket's advisory board in August. Earlier this month, the parent company of the New York Stock Exchange announced it would invest up to $2billion in Polymarket. The prediction market was kicked out of the US in 2022 by federal regulators and fined $1.4million by the CFTC, although it is expected to relaunch stateside in November.
