Donald Trump Jr. strengthens ties with two of the largest prediction market platforms in the U.S. – Kalshi and Polymarket. His venture company 1789 Capital invested $300 million in a new $1 billion round for Polymarket. Following the round, the platform was valued at $21 billion.
Trump Jr. acquired a stake in Kalshi back in 2025, when the company was valued significantly lower. Its current valuation has reached $22 billion. He holds a paid advisory position at Kalshi and has also been an advisor to Polymarket since the summer of 2025, when 1789 Capital first invested in the project. Thus, Trump Jr. is simultaneously connected to two direct competitors vying for the same users and regulatory frameworks. Front Office Sports noted that holding such roles raises ethical and conflict of interest questions. In response, Kalshi stated to CNBC that Trump Jr. is only involved in marketing strategy and does not advise the company on regulatory matters.
According to the New York Times, in March, Trump Jr. personally urged attorneys general from several states at a closed meeting in New Orleans to cease pressure on prediction market platforms. He claimed that the campaign against such platforms was initiated by traditional gambling companies to protect their own businesses. Meanwhile, the U.S. Commodity Futures Trading Commission has filed lawsuits against nine states, attempting to prevent local regulation of prediction markets. The situation is particularly acute in Arizona, where a criminal case was opened against Kalshi in March for illegal gambling services.
Trump Jr.'s dual role has become central to this confrontation. A defeat for either Kalshi or Polymarket in any state would impact both businesses he is connected to. Previously, the former U.S. president has also expressed support for prediction markets, calling them a new financial product and advocating for CFTC oversight over them.