Donald Trump Jr. is joining Polymarket’s advisory board, meaning he now has a role in each of the two largest prediction markets by global volume.
In a press release issued Tuesday morning, Polymarket said it had secured investment from 1789 Capital, where the president’s son is a partner. The release did not disclose terms of the deal.
As part of the investment, Trump Jr. will join the company’s advisory board. It is not clear what his role on the advisory board will entail.
Trump Jr. is already a “strategic advisor” to prediction market Kalshi, but not an investor. Joining Polymarket too, he will have ties to two businesses that appear to be developing as chief rivals in the battle for prediction market customers in the U.S.
Trump Jr.: ‘US needs access’ to Polymarket
Currently, Polymarket is not permitted to offer its contracts to users in the U.S., but this appears likely to change soon. The business purchased QCEX, an exchange licensed by the Commodity Futures Trading Commission (CFTC) last month as part of an effort to return to the U.S. market. Polymarket currently offers a waitlist for prospective American customers.
Trump Jr. noted the efforts to launch in the U.S. when discussing the investment.
“Polymarket is the largest prediction market in the world, and the U.S. needs access to this important platform,” Trump Jr. said in the press release. “Polymarket cuts through media spin and so-called ‘expert’ opinion by letting people bet on what they actually believe will happen in the world. I am pleased that 1789 Capital is investing in Polymarket and am honored to join the company’s advisory board.
“I look forward to working with the team to advance its mission of bringing truth and transparency to everyone — including the U.S.”
The investment comes just two months after Polymarket closed a $200 million funding round that valued the business at $1 billion.
That funding round was led by Founders Fund, the venture capital vehicle of multi-billionaire Peter Thiel. Thiel — the co-founder of Palantir and an early investor in businesses including Facebook and Stripe — has close ties with the Trump administration, and was a member of President Donald Trump’s transition team in 2016.
“This strategic investment marks a significant milestone for Polymarket. Our long-term partnership with 1789 Capital will help reinforce Polymarket’s leading position as a trusted source of free, transparent, and accurate market information in the U.S. and around the world,” Polymarket founder and CEO Shayne Coplan said.
“We are proud to formally welcome 1789 Capital as a strategic partner and Donald Trump Jr. to our advisory board as we continue building our platform to reflect real-world sentiment, in real time, for all to see.”
The news was first reported by Axios, which said that 1789 sees Polymarket as an “eventual IPO candidate.”
Trump Jr.’s Kalshi role
It remains to be seen how Trump Jr. will handle his dual roles at Kalshi and Polymarket. While both will be competing for customers in an industry where volume is critical, from a regulatory perspective — where Trump Jr.’s political ties may be most useful — they likely will be looking for similar outcomes.
Both will be looking for continued backing from federal authorities in their ability to offer sports event contracts, where users can stake money on the outcome of sporting events, especially if they continue to expand their offerings. States and tribes have challenged the legality of these contracts, arguing that they are an illegal form of sports betting. Kalshi argues the contracts are legal financial products.
Trump Jr.’s role at Kalshi has led to questions about the prediction market’s political influence. He joined the business in January, just before the exchange self-certified to begin offering sports event contracts.
During a Senate committee hearing on the appointment of Brian Quintenz — himself a Kalshi board member — to the role of chairman of the CFTC, Sen. Cory Booker questioned whether Quintenz would be willing to take action against Kalshi, given Trump Jr.’s role.
“I hope you can appreciate that there will be some real questions about your role,” Booker said. “I’m worried you’re going to be in a position where — as chairman — are you going to feel empowered to push back on a company that is being advised by the president’s son?”
