Trump Media and Technology Group to Launch Betting Marketplace on Truth Social Amid Criticism
Donald Trump’s venture, the Trump Media and Technology Group (TMTG), has unveiled plans to inaugurate a prediction betting marketplace on its platform, Truth Social. However, the announcement has been met with considerable skepticism and derision.
TMTG made this revelation on Tuesday, indicating that users will soon have the opportunity to wager on sports and political events through the platform. This move marks a significant entry into the burgeoning prediction market sector.
The chaos surrounding this announcement was highlighted on Saturday’s episode of CNN’s Table for Five. Anchor Abby Phillip, with a tone of sarcasm, queried, “What could go wrong?”
She drew attention to Kalshi—a competing prediction market platform—that recently secured over $300 million in funding, underscoring potential conflicts inherent in a betting market overseen by the president’s son, amid a backdrop of political tensions.
Democratic strategist Trip Yang remarked, “If the day ends in ‘Y,’ the Trump family will find a way to profit off politics.” Yang stressed that Trump, despite being a former president, maintains substantial influence within the Republican Party, raising concerns over the exploitative manipulation of political campaigns for personal gain.
Yang further elaborated, asserting, “For the Trump family to capitalize on this is profoundly troubling. The regulatory oversight, potentially from the SEC, becomes essential in the realm of political gambling.”
He critiqued the broader implications of political betting, noting that a strategist could hypothetically bet on campaigns, thus profiting from their outcomes.
Phillip concurred, describing such activities as “insider trading by another name,” emphasizing the intricate issues cropping up. While the general problems of political betting are salient, the unique dynamics surrounding the Trump family exacerbate these concerns.
In a statement, Devin Nunes, CEO of TMTG, announced the forthcoming prediction betting marketplace would be branded as Truth Predict. He positioned the venture as a countermeasure to what he termed the “global elites” dominating existing prediction markets.
“For too long, these markets have been overseen by a select few — with Truth Predict, we aim to democratize information and empower everyday Americans to navigate these waters, transforming free speech into actionable foresight,” Nunes articulated.
To actualize this initiative, TMTG has partnered with Crypto.com to cultivate the betting environment, with beta testing anticipated to commence imminently.
The prediction market space is currently dominated by notable entities such as Polymarket and Kalshi, which have witnessed a surge in activity, particularly in the lead-up to the 2024 presidential election.
This venture into the prediction market is not the Trump family’s first engagement, as Donald Trump Jr. has recently aligned with Kalshi as a strategic adviser, simultaneously investing funds from his firm into Polymarket.
Source link: Themirror.com.
