Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioAt a White House event on November 18, Saudi Crown Prince Mohammed bin Salman unexpectedly pushed prediction markets into the global spotlight. He made a light remark about online betting chatter on Polymarket surrounding his appearance.
“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. Sorry, you lost the bet. Better luck next time!”
The moment quickly spread across social media. It drew fresh attention to Polymarket, the global prediction market platform that is expecting to relaunch in the US very soon.
The offhand joke underscored how the once-niche prediction markets are quickly entering the mainstream.
Sector Moving Into Mainstream Politics — Including Trump World
The White House moment comes at a time when figures around the Trump administration are openly embracing prediction markets.
Donald Trump Jr. serves as an advisor to both Polymarket and Kalshi. At the same time, Donald Trump himself has repeatedly praised prediction-market platforms. He has tied them into the broader cryptocurrency and alternative finance narratives surrounding his brand.
Trump’s camp is also looking to cash in on the emerging popularity of prediction markets. Recently, his social media platform, Truth Social, announced its entrance to the segment through a partnership with Crypto.com.
The convergence of Trump-world political capital and prediction-market expansion signals more than permissiveness. It points to genuine enthusiasm from a significant network of political influence.
Polymarket’s Push Toward Mainstream
Polymarket has simultaneously been accelerating into the US mainstream through a series of high-visibility partnerships and institutional integrations. Its US relaunch has received a financial injection of up to $2 billion from ICE, the parent company of the New York Stock Exchange.
Google has also shown a positive outlook towards prediction markets, as Google Finance will soon display data from Polymarket and Kalshi.
Furthermore, Polymarket has entered into strategic partnerships with major sports leagues and organizations. In late October, the platform, along with Kalshi, secured a multi-year marketing deal with the NHL. A few weeks later, it signed a broadcast deal with UFC’s parent company.
Furthermore, Polymarket partnered with PrizePicks, one of the nation’s largest daily fantasy sports platforms.
Step by step, through these deals, Polymarket and other prediction markets are positioning themselves alongside sportsbooks, fantasy operators, and financial market data providers.
Regulatory Ambiguity & CFTC’s Posture
Despite rapid growth, the regulatory environment of prediction markets remains ambiguous.
The Commodity Futures Trading Commission (CFTC), which oversees event contract markets at the federal level, has taken a limited direct approach. That has left operators, especially Kalshi, to expand into a gray zone between gambling and financial trading.
At a November 19 Senate confirmation hearing, CFTC chair nominee Michael Selig attempted to avoid a direct response to questions about prediction markets. He signaled that courts or Congress should decide the issue.
Selig stated that the CFTC should not determine which contracts carry social value. He added that conflicts between the Commodity Exchange Act and modern prediction markets are best resolved through Congress.
Selig’s stance of regulatory inaction or restraint comes at a moment when prediction markets are gaining political visibility, institutional support, and mainstream cultural placement.
Why the White House Mention Matters
A foreign leader mentioning prediction market odds while standing in the White House isn’t just a simple joke. It highlights several underlying issues surrounding the platforms:
- Visibility: It positions prediction markets as culturally legitimate to a global audience.
- Integrity: Markets based on controllable variables — like a leader’s choice of attire — raise questions about manipulation and insider influence.
- Consumer protections: Prediction platforms claim that activity on their platform is trading rather than gambling. That creates safeguards gaps such as age verification, self-exclusion, and responsible gaming oversight.
- Regulatory pressure: A moment like this ensures that prediction markets will draw sharper scrutiny from state and federal regulators in the months ahead.
The Crown Prince’s comment marks another step in the shift of prediction markets towards mainstream acceptance. With the CFTC increasingly unlikely to stand in their way, prediction markets are likely to continue expanding. This will lead to more players entering the segment, as evidenced by the stances of FanDuel and DraftKings.
With figures around the Trump administration seemingly backing the platforms, courts may ultimately decide whether they fall under state-regulated wagers or federally regulated derivatives.
