Wealthsimple, a Toronto-based online financial services company, is introducing prediction markets to Canadian retail investors this summer. The company is beta testing a new app called Wealthsimple Predict, which will grant clients access to event contracts through the U.S. prediction market Kalshi.
Canadian regulators have given limited approval for prediction-market trading related to economic indicators, financial markets, and climate trends, excluding sports, elections, or pop culture. Brett Huneycutt, co-founder, and chief product officer at Wealthsimple, stated that prediction markets are rapidly growing in the global financial markets.
Similar to financial exchanges, prediction markets allow users to bet on event contracts, which are simple wagers on the outcomes of real-world events. Previously, Canadians had restricted access to prediction markets due to regulatory limitations. However, Wealthsimple aims to provide users with a clear understanding of the risks associated with these trades, which include the potential for complete loss of investment.
Kalshi and Polymarket, the major players in the prediction market sector, have experienced significant growth in recent years. Data shows that the top five prediction markets received approximately $100 million US in bets in 2024. As of April 2026, Kalshi and Polymarket had a combined monthly global trading volume of around $24 billion, according to a Pew Research Center analysis.
Kalshi’s prominence has been fueled by sports betting, which accounts for about 90% of the fees collected on trades. The platform has also gained traction through partnerships with major media outlets like CNN, integrating prediction markets as an alternative to traditional polling results. On the other hand, Polymarket has increased its visibility through collaborations with events like the Golden Globes, comedian Trevor Noah’s jokes, and coverage on CBS News’ 60 Minutes.
Aside from sports, popular markets on Kalshi and Polymarket cover a wide range of topics such as pop culture, politics, international conflicts, cryptocurrency, scientific advancements, economic indicators, financial markets, and climate-related events. However, Wealthsimple’s users will have access only to prediction markets approved for economic indicators, financial markets, and climate by the Canadian Investment Regulatory Organization. When the app launches, users will be able to trade nearly 4,000 event contracts on Kalshi’s platform.
Andrew Kim, a psychology professor and gambling expert at Toronto Metropolitan University, believes that Wealthsimple’s prediction market offering may not attract many gamblers due to the absence of sports events. Kim suggests that the majority of sports bettors may not be interested in trading on these markets for an extended period.
While some experts recognize the legitimate uses of prediction markets, concerns persist regarding insider trading. Several suspicious trades have been reported on prediction markets, including a bet placed on the capture of former Venezuelan leader Nicolás Maduro in early 2026. An incident involved a U.S. special forces soldier who allegedly used classified information about a military mission to capture Maduro and profited over $400,000 US from a bet on Polymarket.
Overall, Wealthsimple’s venture into prediction markets represents a significant development in the financial technology sector, offering Canadian retail investors access to this growing market segment.