« Truth Predict” will enable Truth Social users to bet on a wide range of future events.
Donald Trump appears to be getting back into the casino business, in a manner of speaking.
This time it won’t be Atlantic City slot machines and roulette tables: On Tuesday, the president’s media firm, Trump Media & Technology Group Corp., announced it was partnering with the digital asset exchange Crypto.com to make prediction markets available via Truth Social.
The new product, called “Truth Predict,” will enable Truth Social users to bet on a wide range of future events like election outcomes, sports, and commodity prices. These wagers will take the form of prediction contracts, which are typically priced in cents and reflect the percentage of confidence bettors have in a potential outcome. If you bet correctly, the contract settles for $1, but if you’re wrong, it goes to zero.
TMTG’s new offering will compete with existing prediction markets like the US-regulated Kalshi and Polymarket, which is headquartered in New York but hasn’t offered services to US customers since reaching a settlement with the Commodity Futures Trading Commission in 2022.
Truth Predict plans to launch in the US first and then expand internationally “once all the requisite requirements are met.” The product will begin beta testing soon, according to Tuesday’s announcement.
President Trump was the largest shareholder in TMTG, but after winning the general election last year, he transferred 114,750,000 shares worth around $4 billion to a trust controlled by his son Donald Trump Jr.
