President Donald Trump on Thursday expressed reservations about the proliferation of gambling and prediction markets, telling reporters in the Oval Office that "the whole world has become somewhat of a casino." However, his administration has simultaneously moved to support the industry while Trump Media prepares to launch its own prediction market platform through an exclusive arrangement with Crypto.com.
Trump's history with commercial gambling stretches back decades. He owned multiple casinos in Atlantic City, New Jersey, during the 1980s and early 1990s, including the Trump Taj Mahal. After those properties went bankrupt, he later advocated for online gaming legislation in 2011, telling Forbes at the time that regulation "has to happen because many other countries are doing it."
What the Right Is Saying
White House spokesman Davis Ingle defended the administration's approach, saying in a statement that "President Trump has been crystal clear: while he seeks a strong and profitable stock market for everyone, members of Congress and other government officials should be prohibited from using nonpublic information for financial benefit." The White House added that all presidential actions regarding prediction markets are "aboveboard" and that Trump has no involvement in business deals that would conflict with his constitutional duties.
CFTC Chairman Michael S. Selig argued the agency provides appropriate oversight of these markets. "There's this false media narrative that CFTC-regulated markets are the Wild West and have no regulation," Selig told the Washington Reporter earlier this year. He said the commission uses "complex surveillance tools" and has staff who monitor markets for insider trading and fraud.
What the Left Is Saying
Democratic critics have seized on what they characterize as a contradiction between Trump's public skepticism and his administration's regulatory actions. Connecticut Attorney General William Tong, whose state is facing a federal lawsuit over its attempts to regulate prediction markets, said his office would continue defending state consumer protection laws. "These contracts are plainly unlicensed illegal gambling under time-worn state law," Tong told the Associated Press. Senate Finance Committee Democrats have requested documents from the Commodity Futures Trading Commission regarding its enforcement priorities, according to committee staff.
Advocacy group Public Citizen called for ethics investigations into potential conflicts of interest stemming from Trump Jr.'s investments in Polymarket and advisory role at Kalshi. "The American public deserves transparency about who profits when government officials make decisions affecting these markets," the organization said in a statement.
What the Numbers Show
The Justice Department on Thursday announced criminal charges against Gannon Ken Van Dyke, a U.S. special forces soldier accused of using classified information about a raid targeting Venezuelan President Nicolás Maduro to win approximately $400,000 on Polymarket. The CFTC simultaneously filed a civil case against Van Dyke.
Trump Media announced in October that it would offer prediction markets through Crypto.com, with beta testing planned for Truth Social followed by a full U.S. launch and eventual global expansion. Trump transferred his majority shares into a revocable trust before taking office; Donald Trump Jr. serves as sole trustee.
The CFTC has sued Connecticut, Arizona, and Illinois over state efforts to regulate prediction market sites, asserting exclusive federal authority. Polymarket CEO Shayne Coplan said the company cooperates with authorities on suspicious activity investigations and noted that "every trade is public, permanent, and auditable."
The Bottom Line
The convergence of Trump's personal gambling history, his family's financial ties to prediction market companies, and his administration's regulatory stance has drawn scrutiny from ethics watchdogs and Democratic lawmakers. The Justice Department's prosecution of the Van Dyke case demonstrates federal willingness to pursue insider trading in these markets, while the CFTC's lawsuit against states underscores ongoing jurisdictional questions about who should oversee the industry.
Trump Media's planned entry into prediction markets could create significant revenue opportunities for the Trump family trust, though the company has not specified a timeline for launch. Congressional Democrats are expected to continue pressing for ethics disclosures and potential conflict-of-interest investigations as the sector grows.