Savvy finance billionaires are pouring into prediction markets. The opportunity for the budding industry could be in the trillions.

Two of the major players are Kalshi and Polymarket, which have drawn investors like Wall Street legend Charles Schwab and Palantir founder Peter Thiel, respectively. Prediction markets allow users to bet on the outcome of future events by allowing individuals to buy and sell “Yes” or “No” contracts that are priced based on the market’s perceived probability of an event occurring.

Betting on sports and elections isn’t new, but a court gave the industry a push last fall by granting Kalshi regulatory approval for election wagering. And its ties to the Trump family could throw more fuel on the fire.

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President Donald Trump said Saturday he was “ready to do major sanctions” on Russia once NATO countries pull purchases of Russian oil, and requested the alliance impose up to 100% tariffs on China until Russia ends its war with Ukraine. Trump has pressured countries to halt purchases of Russian oil or face hefty levies, as peace talks have stalled in recent weeks.

President Donald Trump wants to

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