Midterm Shifts Prompt Trump Jr. Kalshi Exit

Donald Trump Jr. is no longer a paid adviser for the prediction market firm Kalshi.

The company announced the separation on Thursday. Trump Jr. served as a strategic adviser starting in January 2025. His investment firm, 1789 Capital, increased its investment in Kalshi's main competitor, Polymarket, in August 2025.

Dani Lever, a spokesperson for Kalshi, described the split as a mutual business decision. She noted that the move followed 1789 Capital's substantial investment in a direct rival. Lever stated the company is grateful for Trump Jr.'s help in marketing Kalshi to new customers.

The timing of the announcement coincides with the midterm elections. Democrats gained control of both the House and Senate a week ago. Lawmakers from the majority party have said they plan to investigate the Trump family's financial ties to these platforms.

Both Kalshi and Polymarket have grown in popularity over the last two years. The Commodity Futures Trading Commission has supported industry efforts to expand products nationwide. This includes allowing customers to trade sports related contracts.

Kalshi and Polymarket have both denied that their financial links to the Trump family influenced regulation. The CFTC has treated the industry favorably under the current administration. Trump Jr. began his advisory role shortly after his father was sworn in for his second term.

The departure stems directly from the August investment round for Polymarket. That capital injection triggered discussions between Kalshi and Trump Jr. about his continuing role as an adviser.