Kalshi Expands into Canada Amid World Cup Surprises

This week marks a significant expansion for Kalshi as it ventures into the Canadian market, coinciding with a startling result from the World Cup that has reverberated across soccer betting platforms worldwide.

Just hours before Canada faced off against Qatar in their World Cup match on Thursday, Kalshi unveiled its new prediction market, extending its reach north of the US border. This announcement comes approximately three months after the company received the green light from Canadian regulators to launch event and forecast contract trading.

On June 18, Wealthsimple rolled out Wealthsimple Predict, a platform that allows users to engage in trading Kalshi-based event contracts across various categories. This partnership is poised to provide Canadian users with access to nearly 4,000 event contracts through a dedicated app.

Wealthsimple's entry into the prediction market space follows authorization from the Canadian Investment Regulatory Organization (CIRO), which approved the platform to offer event contracts with a settlement period of 30 days or longer. The app is set to go live this summer, marking an important milestone for Wealthsimple as it becomes the second investment dealer to gain regulatory approval for prediction markets in Canada, trailing only Interactive Brokers, which received approval in 2025.

While Wealthsimple can now offer contracts related to financial markets, climate, and economic indicators, it must navigate local regulations that prohibit sports and election contracts.

In the United States, Kalshi operates under the authority of the Commodity Futures Trading Commission (CFTC) and has expanded its reach to users in 140 countries. Brett Huneycutt, co-founder and chief product officer at Wealthsimple, remarked on the significance of this expansion:

World Cup Shocker: Trader Loses Millions in 24 Hours

A dramatic match in the World Cup saw Cape Verde's goalkeeper Vozinha deliver a standout performance against Spain, resulting in a surprising 0-0 draw. This outcome has left one Polymarket trader reeling from a near million-dollar loss. The trader had wagered $999,068 on Spain to win, which would have yielded a payout of $1.09 million had Spain triumphed.

Despite the loss for some, there were notable wins among Polymarket traders. One trader, known as “fishalive,” successfully bet $400,000 that Spain would not defeat Cape Verde, resulting in a remarkable $4.7 million profit.

In contrast, another trader, identified as “flickraw,” placed a staggering $2.7 million on the Netherlands to beat Japan. Initially poised for a $5.8 million win, the trader's hopes were dashed when Japan equalized in the 88th minute, resulting in a 2-2 draw. Following this, flickraw placed an additional $1.5 million bet on Belgium to defeat Egypt, only to lose again due to an own goal by Belgium.

Polymarket's New Initiatives and Novig's Approval

In a significant development, Polymarket has announced a partnership with Splash Sports to host what is expected to be the largest professional football survivor contest in history, set to kick off with the 2026 NFL season. This contest will feature a guaranteed $21 million in prizes, outdoing Circa Sports, which recently announced a $20 million guarantee for its own event.

Splash Sports will integrate Polymarket’s event-driven trading into its platform, operating as a CFTC-registered introducing broker. Polymarket's CEO Shayne Coplan expressed enthusiasm about the partnership, stating that it’s an ideal opportunity to introduce prediction markets to NFL fans on a large scale.

Additionally, Novig has received approval from the CFTC to operate as a Designated Contract Market (DCM). While details regarding the initial states for launch remain undisclosed, Novig’s CEO Jacob Fortinsky emphasized the platform's commitment to providing sports traders with an efficient way to engage in sports markets.

As the landscape of prediction markets evolves, both Kalshi and Polymarket are poised to capitalize on the growing interest in this sector, offering innovative solutions for traders and bettors alike.