US President Donald Trump has softened his stance on prediction markets just days after he bemoaned the surging interest and popularity of the betting platforms.
“I don’t know. I know some people who are very smart. They like it,” Trump told reporters in Florida on Saturday after he was asked about his earlier comments, in which he said he didn’t support 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.
Donald Trump speaking to reporters in Florida before departing for Washington, DC. Source: YouTube
Trump’s latest comments came after he told reporters at the White House on Thursday that he was “not happy” with prediction markets in response to a question about well-timed bets on events linked 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.
Prediction markets such as the popular Polymarket and Kalshi have surged in use over the past year, with the two platforms together seeing a record $23.6 billion in trading volumes in March, according to Token Terminal.
Related: CFTC sues New York over bid to apply gambling laws to prediction markets
Trump’s son Donald Trump Jr. invested in Polymarket in August and joined the company’s advisory board. He is also an adviser to rival Kalshi, taking on the role in January 2025.
President Trump could also soon have an interest in prediction markets. His company, Trump Media, said in October that it would roll out prediction markets in partnership with Crypto.com on its flagship social media site, Truth Social.
Trump divested his stake in Trump Media upon entering office, transferring his shares to a trust for which Trump Jr. is the sole trustee.
Magazine: Should users be allowed to bet on war and death in prediction markets?