Wealthsimple, a Toronto-based online financial services company, is set to introduce prediction markets to Canadian retail investors this summer through its new app, Wealthsimple Predict. The app will provide clients with access to event contracts via the U.S. prediction market Kalshi. This move comes after Canadian regulators granted limited approval for trading in prediction markets 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 growing in the global financial sector. These markets function like financial exchanges, enabling users to place bets on event contracts, which are essentially yes-or-no or higher-or-lower wagers on real-world outcomes.
Previously, Canadians had minimal access to prediction markets due to regulatory restrictions on broad retail trading. Many Canadians resorted to using VPN services to conceal their geographical location when using such platforms.
Wealthsimple aims to assist users in comprehending the key risks associated with these trades, emphasizing the potential loss of the entire position value. Kalshi and Polymarket, the leading players in the prediction market sector, have witnessed significant growth over the past couple of years. Reports indicate that the total value of bets on the top five prediction markets reached around $100 million US in 2024. As of April 2026, Kalshi and Polymarket collectively had a monthly global trading volume of approximately $24 billion.
Kalshi’s popularity surged due to its sports-related bets, which reportedly account for 90% of its trading fees. The platform has also gained visibility through partnerships with major media outlets like CNN, where prediction markets are presented as an alternative to traditional polling results. Polymarket has raised its profile through collaborations linked to high-profile events like the Golden Globes and endorsements from notable figures such as comedian Trevor Noah and coverage on CBS News’ 60 Minutes.
Aside from sports, popular categories on Kalshi and Polymarket include pop culture, politics, international conflicts, cryptocurrency, scientific advancements, economic indicators, financial markets, and climate trends. However, Wealthsimple’s users will have access only to prediction markets approved by the Canadian Investment Regulatory Organization, covering economic indicators, financial markets, and climate-related contracts.
Wealthsimple plans to offer access to nearly 4,000 event contracts on Kalshi’s platform upon the launch of its prediction markets app. Andrew Kim, a psychology professor and gambling expert at Toronto Metropolitan University, believes that the exclusion of sports and pop culture from the approved markets in Canada will deter many gamblers from participating.
While some experts acknowledge the potential benefits of prediction markets in gauging collective wisdom, concerns persist regarding insider trading vulnerabilities. Instances of suspicious trades on prediction markets, such as the controversial bet on the capture of Nicolás Maduro involving a U.S. special forces soldier, have raised alarms about potential misuse of classified information for personal gain.