Trump quickly disowns insider trading as prosecutors close in on suspects

President Donald Trump on Thursday told reporters that he was “never much in favor” of prediction markets. “I don’t like it conceptually. It is what it is. I’m not happy with any of that stuff.”

“Well, you know, the whole world unfortunately has become somewhat of a casino,” Trump, a former casino owner, told reporters. “And you look at what’s going on all over the world, in Europe and every place they’re doing these betting things.”

The Times reports federal prosecutors have indicted Sgt. Gannon Ken Van Dyke, who was involved in the operation to oust Nicolás Maduro from power in Venezuela, after he allegedly used the information of Maduro's arrest to win bets on a prediction market. But Trump says he wants nothing to do with such activities.

“I’m not happy with any of these sites,” Trump said. “They have predictive markets — it’s a crazy world, it’s a much different world than it was.”

And yet, Trump and some of his family members stand to benefit financially from those very markets, according to The New York Times.

“The president’s publicly traded media company unveiled its own prediction market product last year,” the Times reports. “And the president’s eldest son, Donald Trump Jr., has ties to two of the industry’s top firms, including Polymarket.”

Ethics experts tell the Times that Trump’s public statements directly contradict his family’s financial interests in the industry.

Despite Trump’s admonition, new regulations are not expected. Last year, the Trump administration “backed away from enforcement efforts against Polymarket, and it is unclear whether regulators will adopt any new oversight measures.”

The Times reports that the White House “has warned staff not to wager on government decisions, but his family’s involvement with these firms undermines the president’s message.”

U.S. Senator Elissa Slotkin (D-MI) who is sponsoring legislation to ban government officials from betting on prediction markets using classified information, has raised concerns about national security risks. Chances that the bill would pass through a GOP-majority Congress are uncertain.

“It’s too politically dicey,” she said. “There is not a single important issue of the day where I don’t feel the shadow of Trump and his sons.”

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