Robinhood ($HOOD) Enters Prediction Markets with Election Bets on Harris and Trump

Oct 28, 2024, 02:54 PM

Robinhood Markets Inc. (ticker $HOOD) has launched presidential election event contracts, allowing U.S. customers to bet on the outcome of the 2024 election between Kamala Harris and Donald Trump. Beginning today, eligible users can trade these contracts via Robinhood Derivatives, through a partnership with Interactive Brokers' ForecastEx. Contracts are priced between $0.02 and $0.99, with a payout of $1 if the chosen candidate wins. This move follows a recent federal court ruling that cleared the way for election betting in the United States, marking a setback for the Commodity Futures Trading Commission (CFTC), which had sought to block such activities. Robinhood is entering the prediction market space alongside platforms like Kalshi and Polymarket, providing its over 24 million funded users the opportunity to participate in election trading. The launch comes as the 2024 presidential race intensifies, with the election just eight days away.