President's Truth Social Platform to Begin Offering Gambling
The prediction betting market is blowing up. Now enter the US President Donald Trump.
His own platform on Tuesday announced it would begin taking bets on everything from politics to sports betting.
Truth Social's parent company, Trump Media and Technology Group (TMTG), announced a partnership with Crypto.com to launch a prediction service called Truth Predict.
The new service will allow users to place cryptocurrency bets on a range of events, such as political elections, economic indicators like interest rates and inflation, commodity prices for gold and oil, and outcomes in major sports leagues.
Federal authorities do not consider so-called “prediction markets” to be gambling, per se, and as such they are regulated by the Commodity Futures Trading Commission (CFTC) and not by state gambling authorities across the US, as lotteries and casinos typically are.
A handful of states, however, are challenging this position claiming that prediction markets are not state regulated and do not pay the determined tax.
The president's son, Donald Trump Jr.'s, serves as an advisor and strategic investor for the prediction market Polymarket. He also serves as a strategic advisor with the prediction market Kalshi.
- Gilbert Horowitz, Gambling911.com
