The Globe and Mail reports in its Thursday edition that Canadian investors are a step closer to being able to legally bet on real-world events -- a controversial type of trading that regulators have long kept at arm's length. The Globe's Meera Raman writes that with financial companies such as Wealthsimple Inc. obtaining regulatory approval, Canada is edging into new territory, raising questions about how prediction markets will be regulated and what is ahead for everyday investors. On-line investing platform Wealthsimple received regulatory approval from the Canadian Investment Regulatory Organization to offer what are known as forecast contracts, opening the door to prediction trading in Canada. Questrade also intends to offer event contracts as early as this summer. Questrade does not currently have CIRO approval. The moves signal a shift in Canada, where the betting products have largely been restricted. While prediction trading has exploded in popularity in the United States, Canada's stricter rules and a murky regulatory framework have made it difficult for firms to offer it here. A typical contract poses a yes-or-no question, such as whether the Bank of Canada will raise interest rates on a certain date.