(MENAFN- Live Mint) 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 outcome of real-world events directly through the app. Trump Media and Technology Group (TMTG), which owns Truth Social, is expanding into a fast-growing area of online betting. The platform will let users place wagers on topics such as“elections, interest rates and inflation rate changes, commodity prices on gold and crude oil,” as well as“events from all major sports leagues,” according to report by news agency AFP.

The new feature will be developed in partnership with Crypto, one of the world's largest cryptocurrency platforms.

Devin Nunes, the CEO of TMTG, said in a statement that the firm is“democratising information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight.”

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Unlike traditional gambling, these“prediction markets” are regulated by the US Commodity Futures Trading Commission (CFTC) rather than state gambling authorities. Instead of placing a simple bet, users buy a“contract” that earns a profit if the predicted event happens – for example, if a certain candidate wins an election or a team wins a match.

Prediction platforms have gained major investment and popularity in recent years. Earlier in October, the Intercontinental Exchange, which operates the New York Stock Exchange, announced a US$2 billion investment in one of the leading prediction platforms, Polymarket.

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The apps are especially popular among younger users, prompting concerns about addiction and financial risks.

The prediction market industry, led by major players such as Polymarket and Kalshi, has seen rapid growth in recent years, particularly following the 2024 US presidential election. Both firms are now reportedly valued in the billions of dollars.

The rise of these markets - where bettors wager against each other instead of a traditional bookmaker - has also attracted regulatory attention. According to The New York Times, recent wagers appeared to show advance knowledge of the Nobel Peace Prize winner, raising questions about transparency and insider information.

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This isn't the Trump family 's first step into the world of prediction markets. Donald Trump Jr. recently became a strategic adviser to Kalshi and has also invested in Polymarket through his firm.

Expanding business portfolio

Alongside 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 tech portfolio.

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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 only US$1.7 million in revenue while reporting a net loss of US$51.7 million, according to filings with the US Securities and Exchange Commission

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