Donald Trump Jr.’s venture capital firm is set to become one of the biggest financial backers of Polymarket. This comes as the prediction market industry faces increased legal scrutiny.
The president’s son is a partner at 1789 Capital, and the investment fund says it is pumping $300 million into Polymarket. The investment will make Donald Trump Jr.’s firm one of the top equity holders of Polymarket, a platform that allows people to bet on White House policy, the president’s words and wars overseas.
The Biden administration forced Polymarket out of the U.S. for operating without a license. Biden officials also were investigating the company for money laundering.
But in Trump’s second term, Polymarket has thrived, as the administration sues states that try to rein in prediction markets and takes a mostly hands-off approach to regulations.
Donald Trump Jr. also has a financial stake in Polymarket’s rival, Kalshi, and is an advisor to both companies.
An NPR editor adapted this audio report by Bobby Allyn.
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