Prediction markets are where the action is. And Trump, the media, is getting into the game

Digital prediction markets attract large crowds of users and investors.

Markets have become increasingly popular, resulting in an influx of new and common capital. Just this month, InterContinental Exchange (ICE), the parent company of the New York Stock Exchange, announced a $2 billion investment in Polymarket, which was recently said to be in fundraising discussions at a valuation of up to $15 billion. (Polymarket did not respond to Investopedia Comment requested in time for publication.)

Calci was reportedly receiving financing offers valued at more than $10 billion, double what it received weeks earlier from a $300 million funding round. Sports betting giant DraftKings (DKNG) last week acquired predictions platform Railbird.

Investor interest tracking user activity. Weekly prediction market volume reached a record high last week at more than $2.3 billion, across a handful of tracking platforms including Polymarket and Kalshi, according to estimates by research platform Dune drawn from data on the blockchain.

Trump Media & Technology Group (DJT), the company co-founded by President Donald Trump, is the latest to move further into prediction markets. The company said on Tuesday that it has partnered with Crypto.com, the cryptocurrency trading platform whose name adorns the Lakers’ basketball court, to launch Truth Predict. It will allow users to bet on the results of events, whether a basketball match or an election, through the social media platform.

Polymarket and Kalshi launched in 2020 and 2021 respectively, around the same time as meme stock trading took off, and now they have a lot of competition.

Robinhood (HOOD) launched its prediction markets center this year in time for the NCAA’s March Madness tournament and the Federal Reserve’s interest rate decisions. Expected markets performance will likely be the highlight when it reports third-quarter earnings next week.