President Donald Trump appeared to soften his criticism of prediction markets over the weekend, expressing uncertainty about his position on whether these platforms should be regulated differently.
On Thursday, President Trump told reporters he was “never much in favor” of prediction markets—a booming industry now boasting over $7 billion in weekly trading volume—claiming they have transformed “the whole world, unfortunately [into] somewhat of a casino.”
This statement followed the arrest by federal law enforcement of a U.S. soldier who allegedly used classified intelligence to earn more than $400,000 from a bet on Polymarket regarding the timing of a high-profile military operation.
However, Trump appeared to retract his earlier criticism on Saturday, admitting uncertainty about his stance and suggesting some “very smart” individuals he knows support the emerging sector.
When questioned by Decrypt about his previous statements critical of prediction markets, Trump said, “Well, I don’t know. I know some people that are very smart. They like it; they disagree.”
Pressed on whether he would direct his administration to alter its pro-prediction market policies, the president noted, “A lot of other countries are doing it, and when the other countries do it, we get left out in the cold if we don’t.”
“I know people that are in the prediction market business, and they’re pretty happy with it,” he added.
Decrypt’s White House correspondent @sander_lutz asked President Trump about his earlier comments on prediction markets:
“A lot of other countries are doing it, and when the other countries do it, we get left out in the cold if we don’t.”pic.twitter.com/IWPwxXDP7c
— Decrypt (@DecryptMedia)April 25, 2026
Prediction markets enable users to wager on outcomes ranging from financial markets to sports, cultural events, and political elections. The industry has seen significant growth recently, resulting in billion-dollar valuations for leading companies.
The president’s son, Donald Trump Jr., serves as an advisor to Polymarket and Kalshi, the top prediction market platforms in America, and is also an investor in Polymarket.
Trump’s media company has embraced this sector by launching a prediction tie-in with Truth Social, his social media platform.
These markets trade event contracts, classified legally as commodities, regulated at the federal level by the CFTC. Under the chairmanship of Trump appointee Mike Selig, the CFTC is vigorously defending these platforms amid numerous lawsuits from states across the political spectrum.
States argue that certain new types of wagers on sports and other events breach state gambling laws. In contrast, the platforms insist their activities should be exclusively regulated federally by the CFTC.
The agency’s aggressive stance has attracted attention in Congress, with lawmakers expressing concerns about its implications for insider trading and the rise of unregulated gambling in the U.S.