Robinhood Launches U.S. Election Betting Contracts; Trading Starts Today

Oct 28, 2024, 01:19 PM

Robinhood Markets Inc. has launched U.S. presidential election derivatives trading, marking its entry into the betting market. Starting today, eligible U.S. customers can trade event contracts through Robinhood's derivatives unit in partnership with Interactive Brokers' ForecastEx. Users can bet on the outcome of the 2024 presidential election between Kamala Harris and Donald Trump, with contracts priced between $0.02 and $0.99. To participate, users must meet certain criteria, including being U.S. citizens. This move comes after a federal court ruling in September cleared the way for election betting in the U.S. Robinhood's shares rose 1.96% premarket following the announcement. With over 24 million funded users, Robinhood is expanding its offerings ahead of the election.