Toronto DispatchNo. 3 · Thursday, October 22, 2026
Bettors wager US$600,000 on Toronto mayoral race despite ban
BetaKit reported that just over US$600,000 has been wagered on Toronto’s mayoral race on Polymarket and Kalshi, two American prediction markets. A prediction market is a platform where people bet on the outcome of events using yes-or-no contracts.
Ontario banned Polymarket for two years after it was found to have broken securities law in April 2025, CTV News reported. BetaKit said Canadians cannot legally bet on the race, so the money came from Canadians using VPNs or from foreign speculators. A VPN is software that hides a user’s location. Andreas Park, a Rotman finance professor, told CTV that anyone can in theory use one.
The Canadian Investment Regulatory Organization (CIRO), the national body that oversees investment dealers, authorized Wealthsimple and Interactive Brokers Canada in March to offer prediction trading, CTV reported. It limited trades to economic, environmental and financial-indicator forecasts.
BetaKit discloses that Wealthsimple’s chief compliance officer, Hanna Zaidi, sits on its board. BetaKit said Wealthsimple wants regulators to expand the markets available.
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