(CA) 
What Are Prediction Markets?
Prediction market platforms allow players to place bets on the outcome of particular events. They are favoured by many over sportsbooks because they don't have a house edge. Rather, bets are formed as peer-to-peer trades.
In Canada, interest has been growing in this market, especially among those looking for markets unavailable at regular sports betting platforms.
Canada is seeing more regulation changes in this area, too. Previously, prediction market platforms operated in a grey area, but the Canadian Investment Regulatory Organization has now authorized two firms to offer event contracts in Canada, albeit with major restrictions.
Sports and election contracts are unavailable for now, placing these platforms behind their US counterparts while a regulatory framework is worked out.
Top Prediction Market Sites Available in Canada
Interactive Brokers (ForecastTrader)
Best for: Regulated financial prediction markets
Interactive Brokers was the first CIRO-approved platform able to provide prediction market trades in Canada. Launching ForecastTrader in April 2025, the platform operates similarly to Polymarket, providing Yes/No contracts, only this is done through IBKR's Canadian entity, meaning it is heavily regulated. Markets are primarily focused on economic and financial outcomes and climate predictions. It is aimed at experienced traders.
Wealthsimple Forecast Contracts
Best for: Canadian-first experience, everyday investors
Wealthsimple was the second CIRO-approved platform. It sought to offer event contracts in Canada after being approved in March 2026. It aims to bring prediction market trading to a wider retail audience than Interactive Brokers, similarly to Polymarket and Kalshi. Due to CIRO regulation, it is limited only to economic, financial and climate markets. Sports and politics are restricted under current approval.
Polymarket
Best for: Wide global market variety (outside Ontario)
Polymarket is the largest prediction market platform in the world. The platform covers hundreds of markets across politics, sports, crypto and global events. Due to complex regulation, the Ontario Securities Commission fined Polymarket and banned it from the region for two years in 2025 for offering binary options contracts which breached Canadian securities laws. Outside of Ontario, Polymarket can be accessed through their global site but remains unregulated.
Kalshi
Best for: US-regulated event contracts (not available in Canada)
Kalshi is the leading prediction market in the US in terms of federal regulation. The Commodity Futures Trading Commission oversees the activities of the platform. Unfortunately, Canadian users are not able to access the platform due to an outright ban on the side of Kalshi. It is in the list as it is frequently searched by Canadians looking to join a prediction market, but present regulation means they will not be able to use Kalshi's services.
Are Prediction Markets Legal in Canada?
Prediction markets exist in a heavily regulated and evolving grey market area in Canada. In 2017, Canadian Securities Administrators (CSA) banned short-term binary options contracts, which is the foundation of most prediction market platforms. However, due to CIRO's new framework introduced in March 2026, there is potential for prediction market platforms to become accessible in Canada yet again.
How to Choose a Prediction Market Site
Regulation
CIRO-approved platforms represent the most secure prediction market sites. Interactive Brokers and Wealthsimple are the only two currently available. Choosing an unregulated platform such as Polymarket may risk exposure to legal issues.
Available Markets
CIRO-approved platforms limit the markets available in Canada, including sports markets, which are only available at Polymarket.
Platform Accessibility
Wealthsimple is designed for everyday investors and is looking to serve an even wider market of casual traders.
Fees and Commission
Most platforms charge a fee or take commission from trades. Check how much your preferred platform charges and choose the one which is most favourable for you.
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