Trump calls world 'casino' while his family profits from prediction markets
President Donald Trump complained Thursday that the world has become "somewhat of a casino" due to gambling and prediction markets. But Trump's administration supports these betting platforms, and his family profits from them after leaving the casino business.
President Donald Trump on Thursday criticized the rise of gambling and prediction markets, telling reporters "the whole world, unfortunately, has become somewhat of a casino." But his actions tell a different story.
Trump's administration has actively supported prediction markets - platforms where people bet money on election outcomes and other events. The Trump family also profits from these markets after selling their casino empire more than 30 years ago.
Trump previously praised prediction markets as better than "fake polls" because both Kalshi and Polymarket gave him stronger odds of winning the 2024 election than traditional polling showed.
Prediction markets have exploded in popularity, allowing people to bet on everything from who wins elections to whether certain policies will pass. The industry operates in a legal gray area that Trump's policies could clarify.
Trump's administration is now trying to reshape the gambling industry through new prediction market rules, similar to moves made during his first presidency in 2019.
Trump's mixed signals on gambling could shape rules for prediction markets, where millions of Americans now bet on elections and other events. His policies will affect whether these platforms can operate freely or face new restrictions.
Watch for new regulations on prediction markets and gambling platforms as Trump's administration develops its policy agenda.
Was this article helpful?
0 people found this helpful