Rising interest from US financial institutions in contracts that allow people to bet on future events is spurring new growth in a market best known for its regulatory battles over the legality of wagering on politics.
Interactive Brokers, founded by electronic trading pioneer Thomas Peterffy, is launching its own platform, ForecastEx, on Monday offering contracts based on key economic data releases.
In April, trading firm Susquehanna International Group, co-founded by billionaire Jeff Yass, set up a dedicated team to make markets on Kalshi, a platform that offers users the chance to speculate on events from whether the Federal Reserve will cut interest rates this year to reviewers’ ratings of new films.