The social media platform founded by US President Donald Trump, Truth Social, announced on October 28 that it will soon allow users to bet on the results of real events directly through the app. Trump Media and Technology Group (TMTG), which owns Truth Social, is expanding into the fast-growing field of online betting. The platform will allow users to bet on topics such as “elections, changes in interest rates and inflation, gold and oil commodity prices,” as well as “events from all major sports leagues,” according to a report from the AFP news agency.
The new feature will be developed in collaboration with Crypto.com, one of the world’s largest cryptocurrency platforms.
Devin Nunes, CEO of TMTG, said in a statement that the firm is “democratizing information and empowering everyday Americans to tap into the wisdom of the crowd and turn free speech into practical foresight.”
Predicting markets, not gambling
Unlike traditional gambling, these “prediction markets” are regulated by the US Commodity Futures Trading Commission (CFTC), not state gambling authorities. Instead of a simple bet, users buy a “contract” that earns a profit if a predicted event occurs — such as when a certain candidate wins an election or a team wins a game.
Prediction platforms have gained a lot of investment and popularity in recent years. In early October, Intercontinental Exchange, which operates the New York Stock Exchange, announced a $2 billion investment in one of the leading prediction platforms, Polymarket.
The apps are particularly popular among younger users, raising concerns about addiction and financial risks.
Led by big players such as Polymarket and Kalshi, the prediction market industry has seen rapid growth in recent years, especially after the 2024 US presidential election. Both firms are now reportedly valued in the billions of dollars.
The rise of these markets – where bettors bet against each other instead of a traditional bookie – has also drawn regulatory attention. According to The New York Times, recent bets appeared to demonstrate the Nobel Peace Prize winner’s advanced knowledge, raising questions about transparency and insider information.
This isn’t the Trump family’s first foray into the world of prediction markets. Donald Trump Jr. recently became a strategic advisor to Kalshi and also invested in Polymarket through his firm.
Expanding the business portfolio
In addition to its new betting plans, Trump Media and Technology Group (TMTG) currently operates Truth Social, the Truth+ streaming service, and manages a Bitcoin treasury as part of its growing media and technology portfolio.
TMTG expanding but struggling business
TMTG has launched several projects, including cryptocurrency products and a video streaming service, but its financial performance remains weak. In the first half of 2025, the company generated just $1.7 million in revenue, while reporting a net loss of $51.7 million, according to a filing with the U.S. Securities and Exchange Commission.
