Trump Media appears to be hitting the brakes on its prediction market ambitions, walking away from two previously announced deals involving Crypto.com.

The retreat throws fresh uncertainty over Truth Predict, the prediction market product unveiled last year as part of plans to bring event contracts to Truth Social. The proposed offering would have covered everything from politics and economics to commodities and sports.

Interim CEO Kevin McGurn said the company wanted to “get focused,” which is corporate-speak that rarely inspires confidence in whatever just got unfocused.

Whether Truth Predict eventually returns with a different partner remains to be seen. For now, Trump Media’s prediction market push looks considerably less certain.

If prediction markets were hoping for a quiet weekend, nobody told the lawyers. Novig has wasted little time since launching its federally regulated sports prediction market, filing lawsuits against New York, Massachusetts, New Mexico and Washington as it challenges states’ attempts to treat event contracts like sports betting. The big question is increasingly familiar: does the CFTC call the shots, or can state gambling regulators still blow the whistle? New York is already providing an early test, while Kalshi and regulators are busy fighting their own courtroom battles. 

Follow our live blog as prediction markets’ legal map gets increasingly complicated.

Latest from the #PredictionMarkets battle. Novig expands legal offensive against four states as New York injunction bid faces early pushback - https://t.co/LAzCpbFeIC @RWW