Trump reverses position on betting platforms mere days after expressing disapproval
Just days after stating he "was never much in favor" of gambling platforms, US President Donald Trump has moderated his stance on prediction markets.
Just a few days following his criticism of the rising interest and widespread adoption of betting platforms, US President Donald Trump has moderated his position on prediction markets.
"I don't know. I know some people who are very smart. They like it," Trump stated to reporters while in Florida on Saturday when questioned about his previous remarks, during which he expressed his opposition to prediction markets. "They disagree, but they like it."
"A lot of other countries are doing it, and when the other countries do it, we get left out in the cold if we don't do it," he said.
The President's most recent remarks followed his Thursday statement to reporters at the White House, where he expressed being "not happy" regarding prediction markets when responding to a query about suspiciously well-timed wagers on developments connected to the Iran war.
"Well, you know, the whole world, unfortunately, has become somewhat of a casino," Trump said on Thursday. "And you look at what's going on all over the world and Europe, and every place they're doing these betting things. I was never much in favor of it. I don't like it conceptually, but it is what it is."
"I think that I'm not happy with any of that stuff, but they have all these different sites of predictive markets. It's a crazy world. It's a much different world than it was," he added.
Betting platforms for predictions such as the widely-used Polymarket and Kalshi have experienced explosive growth in usage throughout the past year, with the pair of platforms collectively recording an unprecedented $23.6 billion in trading volumes during March, based on data from Token Terminal.
Donald Trump Jr., the President's son, made an investment in Polymarket in August and became a member of the company's advisory board. He also serves as an adviser to competing platform Kalshi, assuming that position in January 2025.
President Trump himself may soon hold a stake in prediction markets. Trump Media, his company, announced in October its intention to launch prediction markets through a partnership with Crypto.com on Truth Social, its primary social media platform.
Upon assuming office, Trump divested his ownership position in Trump Media, moving his shares into a trust for which Trump Jr. serves as the sole trustee.