TLDR Kalshi has ended Donald Trump Jr.’s contract as an adviser. The move follows 1789 Capital increasing its stake in rival Polymarket. Kalshi said both sides agreed to the split. Louisiana is now the 13th state to take action against prediction markets. Supreme Court filings from New Jersey and Robinhood are pending.
Kalshi has ended its adviser contract with Donald Trump Jr., Reuters reported. The decision follows a larger investment in rival platform Polymarket by his venture capital firm, 1789 Capital. The news ends a working relationship that began nearly two years ago.
A Kalshi spokesperson said both sides agreed to the move. The exit removes one of the most visible links between Kalshi and the Trump family.
Kalshi and Polymarket are prediction market platforms. Users trade contracts tied to the outcome of real-world events, such as elections. The two companies are among the largest platforms in this market.
A Timeline of Two Roles
Trump Jr. first joined Kalshi as an adviser in January 2025. The role gave him a formal tie to the prediction market industry. It was the first of his two advisory ties to the sector.
In August 2025, 1789 Capital made its first investment in Polymarket. Trump Jr. joined Polymarket’s advisory board at the same time. The investment created a direct financial link between his firm and a Kalshi competitor.
From that point, he held advisory roles at both companies. The two platforms compete for many of the same users. That overlap continued for more than a year.
Kalshi has ended Donald Trump Jr.’s role as a strategic adviser after 1789 Capital, the venture capital firm where he is a senior partner, made a major investment in the prediction market platform’s rival, Polymarket. Kalshi said the decision was mutual.https://t.co/Lzma5tnDq5
— 7News