Trump’s social media platform Truth Social to allow betting
Sign up now: Get ST's newsletters delivered to your inbox
Truth Social – founded by US President Donald Trump – is letting users bet on “elections, interest rates and inflation rate changes, commodity prices on gold”, and more.
PHOTO: AFP
Follow topic:
NEW YORK – The social media network founded by US President Donald Trump
Trump Media and Technology Group (TMTG) is capitalising on a form of betting that has surged in popularity, with phone-based apps that allow users to wager on topics ranging from politics and the economy, to sports and entertainment.
Truth Social will add betting through a partnership with Crypto.com, allowing users to bet on “elections, interest rates and inflation rate changes, commodity prices on gold and crude oil”, or events from “all major sports leagues”, according to a statement.
The federal authorities do not consider so-called “prediction markets” to be gambling, per se, so they are regulated by the Commodity Futures Trading Commission and not by the state gambling authorities across the US, as lotteries and casinos typically are.
To secure a wager, the user purchases a “contract” for a financial product that yields a profit if the event occurs – whether it is the election of a candidate or the victory of a sports team.
The new sector is considered so promising that earlier in October, the New York Stock Exchange’s operator, Intercontinental Exchange, announced a US$2 billion (S$2.59 billion) investment in one of the most prominent platforms, Polymarket.
Prediction apps are particularly popular among young adults, which has raised concerns about the risks of addiction and financial losses.
TMTG has launched several projects, including cryptocurrency-related financial products and a video streaming platform, but generated only US$1.7 million in revenue in the first half of 2025.
At the same time, it reported a net loss of US$51.7 million, according to documents published by the US Securities and Exchange Commission. AFP
