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 move comes after Canadian regulators granted limited approval for prediction-market trading related to economic indicators, financial markets, and climate trends, excluding sports, elections, and pop culture. Brett Huneycutt, co-founder and chief product officer of Wealthsimple, highlighted the rapid growth of prediction markets in the global financial sector.
Prediction markets function similarly to financial exchanges, enabling users to make bets on event contracts, which involve simple yes-or-no or higher-or-lower wagers on real-world outcomes. Previously, Canadians had restricted access to prediction markets due to limited regulatory approval for broad retail trading, leading some users to utilize VPN services to conceal their geographic location.
Wealthsimple aims to educate users on the key risks associated with prediction-market trades, emphasizing the potential loss of the full position value. Market leaders such as Kalshi and Polymarket have experienced significant growth, with a report estimating that bets placed on the top five prediction markets totaled around $100 million US in 2024. As of April 2026, Kalshi and Polymarket had a combined monthly global trading volume of approximately $24 billion.
Kalshi’s popularity has surged, particularly in sports betting, which accounts for an estimated 90% of its trade fees. The platform has also integrated into news coverage with media giants like CNN, presenting prediction markets as an alternative to traditional polling methods. Polymarket has gained visibility through partnerships related to high-profile events like the Golden Globes and features in mainstream media programs.
Aside from sports, Kalshi and Polymarket offer markets on various topics such as pop culture, politics, international conflict, cryptocurrency, scientific and technological advancements, economic indicators, financial markets, and climate. Wealthsimple’s prediction markets app will initially focus on economic indicators, financial markets, and climate, providing access to nearly 4,000 event contracts on Kalshi’s platform.
Andrew Kim, a psychology professor and gambling expert, believes that the exclusion of sports and pop culture from approved prediction markets in Canada is a positive step. He predicts limited interest from traditional sports bettors in trading on these markets. While prediction markets can offer insights from collective intelligence, concerns persist regarding insider trading, as evidenced by suspicious trades in the past, including a controversial bet on the capture of Nicolás Maduro involving alleged insider information.