Donald Trump Jr. joined Polymarket’s board as an adviser this week, after becoming a strategic adviser to Kalshi in January, the report said. He is also a partner at 1789 Capital, which made a strategic investment in Polymarket. The report says Polymarket acquired QCEX, which holds a CFTC licence, as it seeks to serve US users.
The advisory roles link competing prediction-market platforms seeking to serve US users.
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A Reuters/Ipsos poll found that most US adults oppose prediction-market bets on elections and government decisions. The online survey of 4,506 adults, conducted from 30 September to 5 October, found 63% opposed bets on executive announcements and decisions; 69% of Democratic voters and 61% of Republican voters opposed election bets.
US Senator John Curtis asked the Senate Judiciary Committee to examine whether presidential family connections enabled personal financial gain or privileged access. His letter of 21 September specifically cited Donald Trump Jr.'s links with Kalshi and Polymarket.
Polymarket is raising $1bn at a reported $21bn valuation. The report identified 1789 Capital as the round’s lead investor.
Former White House chief of staff Mick Mulvaney said President Donald Trump is not prioritising who regulates prediction markets, according to the report. Mulvaney discussed the federal-state dispute over sports event contracts at a gaming legislators’ meeting and predicted that the US Supreme Court would ultimately decide the question.
Kalshi is exploring another capital raise that could value the prediction-market company at about $40bn as early as the third quarter, according to the report. Its latest fundraising round valued it at about $22bn; Donald Trump Jr.’s earlier equity grant was reportedly worth about $300,000 when Kalshi’s valuation was below $2bn.