Donald Trump Jr. Ends Paid Kalshi Role After Rival Polymarket Investment

Donald Trump Jr. is no longer a paid adviser for Kalshi, the prediction market company said Thursday. The announcement lands a week after Democrats took control of both the House and Senate in the midterm elections, and Democrats have said they plan to investigate the Trump family’s investments, including its ties to both Kalshi and its rival Polymarket, according to ABC News and The Guardian.

Kalshi described the split as a mutual business decision. It said the decision followed a move by Trump Jr.’s investment firm, 1789 Capital, to increase its stake in Polymarket, which Kalshi considers its biggest competitor.

What Kalshi says

Dani Lever, a spokesperson for Kalshi, said the two sides agreed to end the arrangement after the firm made a “significant investment in a competitor.” She said the company was grateful for his contributions in helping it market Kalshi to more customers.

According to the reports, the investment that prompted the change came in August, when 1789 Capital increased its position as part of Polymarket’s latest fundraising round. That investment is what started the conversation about ending his advisory role with Kalshi.

What Democrats say

The timing has drawn attention because of the change in congressional control. Democrats have said they intend to investigate the Trump family’s investments, including its business relationships with both prediction markets.

The companies’ response

Both Kalshi and Polymarket have strongly denied that the financial relationship between the companies and the Trumps played any role in how the industry has been regulated under this administration, according to ABC News and The Guardian.

How the ties developed

The president’s eldest son became a paid strategic adviser for Kalshi shortly after President Trump was sworn in for his second term in January 2025. He has been an investor in Polymarket since August 2025. Both companies have seen their popularity and use rise sharply over the past two years.

During the same period, both companies have received favorable treatment from the White House, ABC News and The Guardian reported. The Commodity Futures Trading Commission has supported the industry’s efforts to expand its products nationwide, including by allowing customers to trade sports-related contracts.

What’s at stake

The question at the center of the dispute is whether the Trump family’s financial stakes in the prediction market industry have influenced how federal regulators treat it. Democrats have framed their planned investigation around the family’s investments and business relationships. The companies reject any such link.

For Kalshi, the departure ends a paid advisory tie to a member of the president’s family. Trump Jr.’s investment firm, meanwhile, remains a backer of Polymarket after its increased stake this past August.

The regulatory backdrop is also significant for the industry’s customers. The CFTC’s support has included allowing sports-related contracts to be traded, one of the product categories the companies have sought to expand across the country.

Around Prague, based on reporting by ABC News, The Guardian

Cover photo: Gage Skidmore from Surprise, AZ, United States of America / Wikimedia Commons, CC BY-SA 4.0, cropped

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