Wealthsimple, a Toronto-based online financial services company, is set to introduce prediction markets to Canadian retail investors this summer. The company is currently beta testing a new app called Wealthsimple Predict, which will provide clients with access to event contracts through the U.S. prediction market Kalshi.
This development comes after Canadian regulators granted limited approval for prediction-market trading related to economic indicators, financial markets, and climate trends, excluding sports, elections, or pop culture. Brett Huneycutt, Wealthsimple’s co-founder and chief product officer, highlighted the rapid growth of prediction markets in the global financial sector.
Prediction markets function similarly to financial exchanges, enabling users to place bets on event contracts, which involve simple yes-or-no or higher-or-lower predictions on real-world events. Until recently, Canadians faced challenges accessing prediction markets due to limited regulatory approval for broad retail trading, leading some to use VPN services to circumvent restrictions.
In a recent development, prediction markets received restricted approval to operate in Canada, with Wealthsimple aiming to educate users on the inherent risks of such trades, including the potential for complete loss of invested funds. Leading players in the sector, such as Kalshi and Polymarket, have experienced significant growth over the past couple of years.
Reports suggest that the top five prediction markets saw approximately $100 million US in bets in 2024. As of April 2026, Kalshi and Polymarket collectively recorded a monthly global trading volume of around $24 billion, according to a Pew Research Center analysis.
Kalshi’s growth has been predominantly driven by sports betting, accounting for an estimated 90% of the fees collected by the platform. The integration of prediction markets into news coverage by media giants like CNN has further boosted Kalshi’s business profile.
Similarly, Polymarket has gained prominence through partnerships such as featuring odds and predictions during events like the Golden Globes, as well as coverage by mainstream media outlets like 60 Minutes on CBS News. In addition to sports, popular markets on platforms like Kalshi and Polymarket include pop culture, politics, international conflict, cryptocurrency, scientific and technological advancements, economic indicators, financial markets, and climate-related events.
Wealthsimple’s prediction market offering will focus on economic indicators, financial markets, and climate-related events, with access to nearly 4,000 event contracts on Kalshi’s platform upon the app’s launch. This strategic approach aligns with regulatory approvals in Canada, where prediction markets are limited to specific categories.
Andrew Kim, a psychology professor and gambling expert at Toronto Metropolitan University, believes that the absence of sports and pop culture in approved prediction markets in Canada may deter many gamblers. While prediction markets can provide valuable insights through collective wisdom, concerns persist regarding insider trading risks.
Several incidents of suspicious trades on prediction markets have raised alarm bells, including a case involving a U.S. special forces soldier who allegedly used classified information to place a winning bet on Polymarket related to the capture of former Venezuelan leader Nicolás Maduro, earning over $400,000 US.
Overall, the introduction of prediction markets by Wealthsimple represents a significant step towards offering Canadian retail investors access to this growing segment of the financial market.