Startups Chase Kalshi’s Success in Booming Prediction Markets

Gambling startups are proliferating, aiming to piggyback on the success of Polymarket and Kalshi, platforms that let customers bet on sports, elections and just about everything else. These prediction markets are taking off as President Donald Trump removes the previous administration’s roadblocks to sports betting and his Truth Social network prepares to enter the business.

At least a dozen fledgling startups have sprung up over the past year to offer new products—often tools that help traders leverage their bets or gain an edge on the competition. These ventures expect to profit from clients such as hedge funds, cryptocurrency firms and ...