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Donald Trump Jr. told Republican state attorneys not to fight prediction markets, NY Times reports
In March, Donald Trump Jr. told Republican state attorneys general not to go after prediction markets, The New York Times reported on Thursday.Â
The president's son, who had been speaking at an event in New Orleans, said states were being misled by gambling companies that are worried theyâll lose their âmonopolies,â the Times report said, citing four people familiar with the remarks.Â
He added that event contract exchanges should be overseen by federal authorities, the people told the Times.
The remarks reported by the Times are notable as Trump serves as an advisor to the two largest prediction market platforms, Kalshi and Polymarket. The news comes as states are battling the federal government over who has the right to regulate event contract exchanges' sports-related offerings.Â
Donald Trump Jr. Urged Republican AGs to Leave Prediction Markets Alone
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As you’ve probably heard by now, Donald Trump’s second term has proved extremely lucrative, and by lucrative, we mean the president of the United States made more than $2.2 billion last year alone. It has also been quite profitable for his adult sons, Don Jr. and Eric, whose investments have routinely benefited from federal-government intervention. Coincidentally, of course! For instance, there’s their crypto biz, which recently got the go-ahead from a wing of the Treasury Department to become a bank. Then there’s their investment in a company that won access to Kazakhstan’s tungsten reserves after their dad hammered out a deal with the country’s president last year. And in the case of Trump’s namesake, there’s the matter of the prediction markets.
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Trump Jr. Warns Republican Lawmakers to Back Off Prediction Markets
Donald Trump Jr., the president’s son, wants Republican state leaders to stay away from any regulation of prediction markets.
The New York Times reports that Trump told a gathering of GOP state attorneys general in New Orleans this spring that gambling businesses were attacking prediction markets such as Polymarket and Kalshi to protect their own “monopolies.” Prediction markets already have oversight from the federal government, Trump said, according to four anonymous sources cited by the Times.
The message appeared clear: Back off the idea of regulating any prediction markets.
Trump was hired by Kalshi in January last year as an adviser and is on the board of Polymarket, which he has a stake in through his investment firm 1789 Capital.
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