Robinhood ($HOOD) Launches Presidential Election Betting Contracts, Shares Rise

Oct 28, 2024, 12:39 PM

Robinhood Markets Inc. (NASDAQ: HOOD) has launched presidential election event contracts, marking its first foray into betting markets. Eligible US customers can now trade these high-risk derivatives via Robinhood Derivatives, allowing them to bet on the outcome of the 2024 US presidential election. This offering follows a federal court ruling in September—a setback for the U.S. Commodity Futures Trading Commission—that cleared the way for election betting in the United States. The new product is launched in partnership with Interactive Brokers' ForecastEx platform. Robinhood, which has over 24 million funded users, joins competitors like Kalshi and Polymarket in expanding into the prediction betting market ahead of next year's presidential vote. The move has led to Robinhood shares rising 1.96% in premarket trading.