Wealthsimple, a Toronto-based online financial services company, is preparing to introduce prediction markets to Canadian retail investors this summer. The company is currently beta testing Wealthsimple Predict, a new app that will grant clients access to event contracts through the U.S.-based prediction market Kalshi.
Canadian regulators have granted limited approval for prediction-market trading related to economic indicators, financial markets, and climate trends, excluding sports, elections, or pop culture. According to Brett Huneycutt, co-founder and chief product officer of Wealthsimple, prediction markets are rapidly expanding within global financial markets.
Functioning akin to financial exchanges, prediction markets enable users to wager on event contracts, which involve simple yes-or-no or higher-or-lower predictions on real-world events. Previously, Canadians had restricted access to prediction markets due to lacking regulatory approval for widespread retail trading, leading many to utilize VPN services to access these platforms.
Wealthsimple aims to educate users on the key risks associated with prediction-market trading, emphasizing the potential for losing the entire value of a position. Kalshi and Polymarket, the primary players in the sector, have seen significant growth over the past two years, with a report estimating bets on the top five prediction markets to have reached approximately $100 million US in 2024.
As of April 2026, Kalshi and Polymarket collectively boasted a monthly global trading volume of around $24 billion, as per a Pew Research Center analysis. Kalshi’s prominence has been fueled by sports wagers, which reportedly constitute 90% of its trading fees. Additionally, its integration into news coverage with media giants like CNN has bolstered its business.
Polymarket’s visibility has been elevated through partnerships to feature odds and predictions during events like the Golden Globes, as well as coverage by media outlets like “60 Minutes” on CBS News. Aside from sports, popular markets on Kalshi and Polymarket span various categories including pop culture, politics, international conflict, cryptocurrency, technology, economics, and climate.
While Wealthsimple’s prediction market app will offer access to nearly 4,000 event contracts on Kalshi’s platform, certain trade options will be restricted to economic indicators, financial markets, and climate due to regulatory constraints in Canada. This limitation excludes sports and pop culture events, a restriction viewed positively by Andrew Kim, a psychology professor and gambling expert at Toronto Metropolitan University.
Despite the potential benefits of prediction markets in revealing collective wisdom, concerns persist regarding issues like insider trading. Notably, there have been instances of suspicious trades on prediction markets, including a case involving a U.S. special forces soldier who allegedly used classified information about a military mission to bet on the capture of former Venezuelan leader Nicolás Maduro, resulting in substantial winnings.
