Atul Tiwari’s company VerdX has applied to become Canada’s first investment dealer with an exclusive focus on prediction markets, which let users bet on the outcome of real-world events. (The Logic)

Talking point: VerdX will join Wealthsimple and Interactive Brokers in offering Canadians prediction markets trading, a fast-growing—and controversial—sector. Monthly global trading on Kalshi and Polymarket, the two largest prediction markets operators, more than doubled over two months to US$53 billion in July, according to the Pew Research Center. Most of that increase came from sports betting contracts, however, which securities dealers can’t offer in Canada. Tiwari told The Globe and Mail that he thinks Canadian prediction markets could reach $40 billion to $50 billion in volume in about five years, even though investment dealers are limited to offering bets on climate, economic indicators and financial markets.

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