Since the beginning of his second administration, President Donald Trump’s family has been connected to sports prediction markets. On Tuesday, his connections to the exchanges that provide a type of betting accessible in all 50 states became more tangible.
Crypto.com, the owner of the futures trading exchange Nadex, and Trump’s social media platform Truth Social announced a partnership on a prediction market. Through the deal, users of Truth Social’s app will be able to wager on sports.
The announcement coincides with the U.S. sports betting business being upended by prediction markets, frightening established sportsbook investors who are now rushing to respond. Following the Truth Social announcement, shares of DraftKings and Flutter, the parent company of FanDuel, saw a modest decline on Tuesday.
The president’s family has come to favour Crypto.com, and this relationship has resulted in commercial transactions. As part of the establishment of a new business dubbed Trump Media Group CRO Strategy, Truth Social’s parent firm, Trump Media & Technology Group, declared in August that it would purchase roughly $105 million in the Singapore-based company’s connected token, CRO.
The CEO of Crypto.com, Kris Marszalek, visited Trump’s Mar-a-Lago resort in December of last year, and his business contributed $1 million to Trump’s inauguration.
According to a press release, Truth Social will become “the first social media platform to offer its users technology to access embedded prediction markets capabilities” as a result of the Crypto.com prediction market partnership.
Although Kalshi and Polymarket are X’s official partners, such agreements are merely promotional in nature and do not yet allow users to wager on the Elon Musk-owned platform.
The prediction market will offer wagers “across all major sports leagues,” according to Truth Social’s release. This comes after the NHL officially adopted prediction markets last week, becoming the first major American league to do so.
Truth Social premium subscribers will get unique wagering subsidies. Soon, Truth Social will start beta testing the prediction-market integration before launching it fully in the United States. Eventually, it intends to conduct business worldwide.
Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net
