Wealthsimple tests demand for sports, politics bets in prediction app

The Canadian Investment Regulatory Organization, a national body regulating investment dealers, does not allow prediction-market trading on entertainment, sports, or politics. CIRO spokesperson Kate Morris offered no explanation for the limits but said her employer continues to monitor market developments. She declined to comment on whether Wealthsimple was flouting regulations by displaying contracts users cannot trade.

Ilana Kelemen, a spokesperson for the Canadian Securities Administrators, also would not comment on Wealthsimple's app. She said: "Canadians should avoid using platforms or trading through dealers that do not comply with Canadian securities laws."

In the U.S., sports and politics prediction markets are legal and active. Kalshi, the platform Wealthsimple partnered with for its product, saw sports and politics make up 91% of global trading volume between July 2024 and May 2025, according to Pew Research Centre data cited by Zoican. Polymarket, banned in Ontario over securities rules, saw 90% of its volume in the same categories over that span.

"Sports, more celebrity-related events, political events, that's the bread and butter of the prediction markets, of Kalshi, of Polymarket. That's where most of the volume is," Zoican said. "So it makes sense that Wealthsimple would want to have a piece of that pie."

Martineau said expanded prediction markets could also serve as a client-acquisition channel. "Maybe they'll say, look we're not going to make any money out of this, but we can just grab some people through prediction markets and then eventually try to convert them to our Wealthsimple."