Donald Trump Jr. joins wagering exchange Kalshi

Home » Donald Trump Jr. joins wagering exchange Kalshi

Posted: January 13, 2025, 12:16 pm.

Last updated: January 13, 2025, 12:19 pm.

Donald Trump Jr., the eldest son of President-elect Donald Trump, is joining Kalshi in an advisory role.

Donald Trump Jr. Kalshi Betting Exchange
Donald Trump Jr. speaks to reporters during his visit to Greenland earlier this month. Trump Jr. is joining peer-to-peer betting exchange Kalshi in an advisory function. (Image: AFP)

Kalshi is a peer-to-peer betting exchange that allows users to bet on everything from elections to tomorrow's weather. The online platform is regulated by the United States Commodity Futures Trading Commission (CFTC).

Bookmakers, foreign sportsbooks and offshore betting websites that act on the 2024 presidential outcome had endorsed Trump in the lead up to Election Day. While pollsters said the race was a close contest, Kalshi bookmakers gave the former casino owner about a 60% chance of winning.

Trump Jr. says Kalshi's ability to better predict event and election outcomes is one reason he accepted the position to help guide the startup in the coming years.

“On election night at Mar-a-Lago, while biased outlets called the race a coin toss, my family and close friends used the prediction market Kalashi to learn we won just hours before the fake news media,” Trump Jr. said. “I immediately knew I wanted to contribute to their mission. Today, I am proud to announce that I am joining Kalshi as a Strategic Advisor.

Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara. The two met while working as financial analysts. After securing a license from the CFTC to operate derivative contract markets in November 2020, the Kalshi platform went live in July 2021. “Kalashi” means “everything” in Arabic.

regulatory matters

Although Kalashi has obtained an operating license from the CFTC to run contracts regarding various everyday outcomes, such as whether the price of Bitcoin will reach $150K before 2026 (39% probability as of today), the federal independent agency Has long fought against allowing election betting. The CFTC under President Joe Biden's administration said Kalushi and its offshore rival, PolyMarket, have turned into “online casinos” that violate federal and state laws on gambling.

In October 2022, the CFTC ordered Kalshi to withdraw its politically connected markets.

Kalshi sued the federal agency that regulates derivatives ahead of the 2024 election. The online betting exchange scored a major victory just over a month after the Trump vs. VP Kamala Harris showdown, when a federal judge ruled that the CFTC overstepped its authority by ordering Kalshi to suspend its election contracts. Did. The CFTC is appealing this decision.

However, with the departure of CFTC Chairman Rostin Behnam and the Trump Administration's pledge to deregulate, chances are getting better that Kalshi's electoral markets are here to stay. Adding Trump Jr. to its corporate roster will further strengthen the organization's position to deal with federal regulators and lawmakers.

offshore competitor

Kalshi bringing up Trump Jr. may also signal that the Trump-led CFTC may continue its investigation into whether Polymarket violated a 2022 settlement with the federal agency.

It was January 2022 when the CFTC fined the New York-based cryptocurrency betting exchange $1.4 million for operating event options without the regulator's permission. Polymarket agreed to stop allowing US-based users as part of the resolution.

PolyMarket has its own Washington, DC, advisor, Christopher Giancarlo. Dubbed “Crypto Dad” by his online followers for overseeing the first Bitcoin futures products, Giancarlo previously served as Chairman of the CFTC from August 2017 to July 2019 during the Trump administration.

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