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What prediction market trading is and why it's gaining popularity
Wealthsimple Predict will offer nearly 4,000 Kalshi event contracts, as the Toronto-based firm expands into a fast-growing market with limited Canadian approval.
- On Thursday, Wealthsimple announced the upcoming launch of Wealthsimple Predict, a standalone app offering Canadian retail investors access to nearly 4,000 event contracts through U.S. prediction market Kalshi.
- The Canadian Investment Regulatory Organization approved these contracts only for economic, financial, and climate-related events, excluding popular U.S. categories like sports, elections, and pop culture.
- Marius Zoican, Canada Research Chair in financial technology at the University of Calgary, warns that market makers and top accounts capture most profits, leaving average retail traders disadvantaged.
- Wealthsimple, which serves four million Canadians, positions the expansion to tap into what "prediction markets are the fastest-growing segment of global financial markets," according to co-founder Brett Huneycutt.
- Andrew Kim, a psychology professor at Toronto Metropolitan University, suggests the product's allure remains minimal without sports, noting that low-cost contracts under $1 may facilitate gambling addiction.
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If you are sure to know what the Governor of the Bank of Canada, Tiff Macklem, will decide at the next interest rate announcement, or if you think you have a gift to predict the weather, Wealthsimple will soon allow you to make your bets.
·Montreal, Canada
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Bowen Island Undercurrent+3 Reposted by 3 other sources
What prediction market trading is and why it's gaining popularity
Prediction markets are coming to Wealthsimple — but Canadians won't be able to bet on sports or elections
Canadian retail investors will be able to access prediction markets through a Canadian company this summer, after the platforms had been banned for years. Prediction markets are experiencing explosive growth, and seen as both a financial vehicle and as gambling.
·Canada
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Coverage Details
Total News Sources12
Leaning Left6Leaning Right0Center2Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
C 25%
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