With casino empire gone, Trump family bets on prediction markets
The Trump family is investing in prediction markets, a growing industry allowing bets on various events, while the administration shapes its regulation.Summary
Following Donald Trump’s setbacks in the casino industry, his family is now pursuing profits through prediction markets, a rapidly expanding sector where individuals can wager on almost any conceivable outcome. Trump Media and Technology Group plans a cryptocurrency-based platform, 'Truth Predict,' and Donald Trump Jr. advises and invests in leading companies like Kalshi and Polymarket. This venture is complicated by potential conflicts of interest, as the Trump administration, through appointees at the Commodity Futures Trading Commission (CFTC), is actively crafting regulations favorable to these markets, shielding them from stricter state gambling laws. This has drawn criticism from ethics watchdogs and sparked opposition from the casino industry, which fears losing business to these platforms and argues they operate as unlicensed online sportsbooks. Legal battles are unfolding, with states like Nevada and Arizona challenging the legality of these markets, while the CFTC aims to establish federal oversight. The situation highlights a shift in Trump’s approach to gambling, from seeking legalization in the 1990s to now benefiting from a burgeoning, loosely regulated industry.
(Source：Cnn)