Official government events at the White House are now openly promoting online gambling.
On Nov. 18 at the White House, Saudi Crown Prince Mohammed bin Salman gave a plug for a so-called “prediction market” gambling company.
In front of cameras, he mentioned a platform that sometimes allows gambling on the clothing that heads of state will wear at certain events. That website is Polymarket, which counts Donald Trump Jr.’s venture capital firm and the owner of the New York Stock Exchange as investors.
“Before I came here, someone told me that there are betting sites where you can bet on me wearing a black suit, and if you bet on me, you could get almost 17x,” bin Salman said. “Sorry, you lost the bet. Better luck next time!”
Why it Matters
Prediction markets can be an especially predatory form of online gambling because of how they advertise.
The products are advertised as “trading” and, at times, even “investing.” Because they are promoted as not being a form of gambling, users can be misled about their chances of winning money.
The core business of prediction markets is sports, which numerous U.S. states have deemed illegal gambling. Prediction markets bypass state-level regulation of online sports gambling.
The U.S. Supreme Court could eventually rule on their legality.
What’s Next
For the foreseeable future, prediction markets will grow.
They have flourished under the Trump Administration’s Commodity Futures Trading Commission (CFTC).
In October, Trump Media & Technology Group announced plans to launch a product called Truth Predict.
Polymarket and the UFC recently announced a partnership. The deal comes ahead of a UFC White House card in 2026 that will more than likely feature gambling advertisements on the South Lawn.
To compete with Polymarket and another prediction gambling platform called Kalshi (also supported by Trump Jr.), DraftKings and FanDuel announced controversial plans to enter the predictions space.
DraftKings and FanDuel will offer the stock-market-style version of online sports gambling in states without laws authorizing sports gambling. They will maintain their traditional betting apps in states with legal sports gambling.
In at least some of those sports betting states, the companies plan to offer gambling on other real-world events such as politics and pop culture. Their plans have created a rift with the rest of the U.S. gambling industry, leading to their respective exits from the American Gaming Association.
The U.S. online gambling market is undergoing rapid change. Meanwhile, online gambling addiction in the U.S. will continue to soar as gambling platforms harm people, families, and communities.
