Trump's TMTG Expands: Prediction Betting Marketplace Coming to Truth Social
Trump Media and Technology Group (TMTG) is expanding its offerings. The company, which currently manages Truth Social, Truth+ streaming service, and a bitcoin treasury, has announced plans to launch a prediction betting marketplace on its social media platform.
TMTG's latest venture, set to begin beta testing soon, will allow users to gamble on sports and political events directly on Truth Social. The company has partnered with Crypto.com and FTX Trading Ltd. for this development.
The prediction betting marketplace is expected to generate significant revenue, potentially adding $250 million to Donald Trump's wealth. This expansion into financial services comes amidst growing interest in prediction markets. Companies like Polymarket and Kalshi have already achieved billion-dollar valuations in this sector.
However, prediction markets have faced scrutiny due to concerns about potential insider knowledge. Instances like bets on the Nobel Peace Prize have raised eyebrows. TMTG, on the other hand, expects its platform to 'democratize information' and 'harness the wisdom of the crowd'.
TMTG's prediction betting marketplace, developed in collaboration with Crypto.com and FTX Trading Ltd., is set to launch on Truth Social. This new service could significantly boost TMTG's revenue and Donald Trump's wealth. Despite potential concerns, TMTG anticipates that the platform will foster informed decision-making through collective wisdom.
