The two largest US prediction markets no longer share an adviser. Kalshi has ended its advisory contract with Donald Trump Jr. after his venture firm 1789 Capital increased its stake in rival Polymarket.

Kalshi described the split as mutual and said talks to end the role began in August, once 1789 led Polymarket's latest funding round. The company credited Trump Jr. with helping it market Kalshi to more customers.

That round raised $1B at a reported $21B valuation, with 1789 Capital contributing about $300M on top of a roughly $200M earlier investment.

The exit removes a direct conflict of interest as Kalshi and Polymarket compete for the same US users.