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 enable clients to access event contracts through the U.S. prediction market Kalshi.
While Canadian regulators have granted limited approval for prediction-market trading related to economic indicators, financial markets, and climate trends, sports, elections, and pop culture events are excluded from the approved categories. Brett Huneycutt, co-founder and chief product officer of Wealthsimple, emphasized the rapid growth of prediction markets in global financial markets.
Prediction markets function like financial exchanges, allowing users to place 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 as regulators had not broadly approved them for retail trading, leading some individuals to use VPN services to access the platforms.
Wealthsimple aims to educate users on the key risks associated with prediction-market trades, including the potential for complete loss of investment. The two leading players in the prediction market sector, Kalshi and Polymarket, have experienced significant growth over the past two years, with a report estimating that bets placed on the top five prediction markets reached approximately $100 million US in 2024.
As of April 2026, Kalshi and Polymarket together had a monthly global trading volume of around $24 billion, according to a Pew Research Center analysis. These platforms cover a wide range of markets beyond sports, including pop culture, politics, international conflict, cryptocurrency, scientific and technological advancements, economic indicators, financial markets, and climate-related events.
Kalshi’s success has been fueled by sports wagers, which reportedly account for 90% of the platform’s fees. The platform’s integration into news coverage with media giants like CNN has further boosted its business. On the other hand, Polymarket has gained prominence through partnerships related to events like the Golden Globes and exposure on programs like “60 Minutes” on CBS News.
Wealthsimple’s prediction market app will offer access to nearly 4,000 event contracts trading on Kalshi’s platform within the approved categories. Andrew Kim, a psychology professor and gambling expert at Toronto Metropolitan University, believes that the exclusion of sports and pop culture events from Canadian prediction markets will limit their appeal to many gamblers.
While prediction markets can demonstrate the wisdom of the crowd with sufficient participation, concerns about insider trading persist. Notably, there have been instances of suspicious trades on prediction markets, including a bet made on Polymarket regarding the capture of former Venezuelan leader Nicolás Maduro, allegedly involving classified information from a U.S. military mission.
