Kalshi, the federally regulated prediction market platform, has terminated Donald Trump Jr.'s advisory role following his firm's substantial investment in rival Polymarket. The decision, announced Tuesday, comes months after 1789 Capital, led by Trump Jr., poured $300 million into Polymarket as part of a $1 billion funding round.
"We have mutually agreed to end Don's advisory role after his firm's significant investment in a competitor this past summer," Kalshi spokesperson Dani Lever said in a statement. "We are grateful for his contributions in helping us market Kalshi to more customers."
The move has been under internal discussion since August, when news of the Polymarket investment first surfaced. Kalshi reached out to the president's eldest son in the fall, and both parties decided to part ways, according to the company.
Trump Jr. joined Kalshi as a strategic adviser in January 2025. At the time, CEO Tarek Mansour touted his "firsthand experience" with the platform during the 2024 election and suggested he could bring "a fresh perspective." However, in August 2025, Polymarket tapped Trump Jr. for its advisory board and announced a "strategic investment" from 1789 Capital without disclosing terms.
The dual roles drew scrutiny from lawmakers and ethics watchdogs, particularly as the prediction market industry faces insider trading allegations and legal battles with state regulators. On Monday, Sens. Elizabeth Warren (D-Mass.) and Jeff Merkley (D-Ore.) pressed the White House on its enforcement of ethics rules, pointing to a recent incident where a White House teleprompter operator was fined for betting on the president's speeches.
The senators also highlighted the Trump family's deep ties to the sector, noting Trump Jr.'s positions at both Kalshi and Polymarket. They called on the administration to take stronger action "to provide the public with confidence in the integrity of the federal government under President Trump."
The separation underscores the growing complexity of political influence in the rapidly expanding prediction market industry. As these platforms gain mainstream traction, questions about conflicts of interest and regulatory oversight are becoming harder to ignore.
Kalshi's decision to sever ties with Trump Jr. is a clear signal that the company wants to distance itself from potential ethical entanglements. Whether that will be enough to satisfy critics remains to be seen, but the move marks a notable shift in the relationship between the Trump family and the betting platforms that have flourished in recent years.
