Kalshi ends Donald Trump Jr's advisory contract due to Polymarket conflict

Platforms such as Kalshi and its biggest rival Polymarket remain illegal or unregulated in most countries outside the United States. (Reuters photo)

"We have mutually agreed to end Don's advisory role after his firm's significant investment in a competitor this past summer. We are grateful for his contributions in helping us market Kalshi to more customers," the spokesperson said, adding that the decision was mutual and the conversations to end the contract started in August since 1789 led Polymarket's most recent funding round.

Also Read | Anthropic IPO: Can Indian investors apply for Claude maker's $64 billion share sale? Check rules

Trump Jr was named a "strategic advisor" to Kalshi in January 2025 and was given a stake in the company that the Financial Times reported at the time was worth $300,000.

Prediction markets first rose to prominence in 2024 as they strongly diverged from traditional opinion polls by signaling a Trump victory. Kalshi, at the time, boasted about the accuracy of its own polls, while criticizing other polls and "traditional media" for failing to anticipate Trump's "decisive victory."

Now, such platforms face the prospect of heightened scrutiny from Democrats in the US Congress. Senator Elizabeth Warren, for instance, has vowed to crack down on insider trading on prediction markets.

Polymarket and Donald Trump Jr did not immediately respond to a request for comment.