"The company that owns the Trump family's media properties plans to incorporate prediction markets into Truth Social, the social media site that President Donald Trump launched in 2022. On Tuesday, Trump Media & Technology Group announced it has partnered with Crypto.com to develop a new product called "Truth Predict," which is slated to launch in the near future, according to a statement. A spokesperson for Crypto.com did not immediately respond to a request for comment about the specific timeline."
"Prediction markets are exchanges where people can bet on the outcome of events. The prices of the outcomes reflect people's forecasts, which can be more accurate than traditional forecasting methods. Truth Social users will be able to to bet on elections, inflation rate changes, sports, and commodity prices on gold and crude oil, according to the statement. The announcement comes at a time when enthusiasm for prediction markets has reached a fever pitch."
"Prediction markets are currently dominated by Polymarket and its rival Kalshi, which became household names during last year's presidential election campaign. During that time, millions of people bet more than $3 billion on the outcome of the election. Fast forward a year later, Polymarket is valued at $9 billion and Kalshi is valued at about $5 billion. The recent hype around prediction markets has been driven in part by sports betting, which has led Kalshi and Polymarket to challenge the likes of DraftKings."
Trump Media & Technology Group plans to integrate prediction markets into Truth Social through a partnership with Crypto.com to launch a product called "Truth Predict." Truth Social users will be able to bet on elections, inflation rate changes, sports, and commodity prices such as gold and crude oil. Prediction market prices reflect collective forecasts and can outperform traditional forecasting methods. The sector has attracted major investment, including a $2 billion stake by the New York Stock Exchange's parent in Polymarket, and has been driven partly by the expansion of sports betting. Polymarket and Kalshi currently dominate the market, drawing billions in bets and carrying multibillion-dollar valuations.
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