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 provide clients with access to event contracts through the U.S. prediction market Kalshi.
Canadian regulators have granted limited approval for prediction-market trading related to economic indicators, financial markets, and climate trends, excluding sports, elections, or pop culture. Brett Huneycutt, co-founder and chief product officer of Wealthsimple, highlighted the rapid growth of prediction markets in the global financial industry.
Prediction markets function similarly to financial exchanges, enabling 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 due to lack of regulatory approval for widespread retail trading, leading some individuals to resort to using VPN services to access the platforms.
Wealthsimple aims to educate users on the key risks associated with prediction-market trades, emphasizing the potential for losing the entire value of a position. Kalshi and Polymarket, the primary players in the sector, have witnessed significant expansion over the past couple of years, with a report estimating bets on the top five prediction markets to be around $100 million US in 2024.
As of April 2026, Kalshi and Polymarket collectively boasted a monthly global trading volume of approximately $24 billion, according to an analysis by the Pew Research Center. Kalshi’s popularity has surged, particularly in sports betting, which accounts for a substantial portion of its fee collection. The platform’s integration into news coverage with media giants like CNN has further boosted its business.
Polymarket has garnered attention through partnerships to feature odds and predictions during events like the Golden Globes, as well as mentions in mainstream media such as “60 Minutes” on CBS News. Beyond sports, popular markets on Kalshi and Polymarket cover a wide range of topics, including pop culture, politics, international conflict, cryptocurrency, scientific and technological advancements, economic indicators, financial markets, and climate.
Wealthsimple’s offering will focus on approved areas such as economic indicators, financial markets, and climate, providing users 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, noted that the exclusion of sports events and pop culture from prediction markets in Canada could deter many gamblers.
While prediction markets can offer insights through the “wisdom of the crowd,” concerns persist regarding potential vulnerabilities to insider trading. Instances of suspicious trades on prediction markets have been reported, including a bet placed on the capture of former Venezuelan leader Nicolás Maduro in early 2026, allegedly based on classified information from a U.S. military mission.