Robinhood jumps into election buying and selling, giving customers probability to purchase Harris or Trump contracts


This mixture of images created on October 25, 2024 exhibits US Vice-President and Democratic Presidential candidate Kamala Harris in Houston, Texas on October 25, 2024 and former US President Republican presidential candidate Donald Trump in East Del Valle, Austin, Texas on October 25, 2024. 

Roberto Schmidtsergio Flores | AFP | Getty Photos

Upstart dealer Robinhood is leaping into the prediction betting sport, saying Monday customers can start buying and selling the 2024 presidential election that’s eight days away.

Customers can commerce a Kamala Harris or Donald Trump contract beginning Monday, stated the corporate, so long as they meet sure standards that embody being a U.S. citizen. The buying and selling is being provided via its Robinhood Derivatives unit and ForecastEx.

Robinhood jumps right into a immediately crowded politics prediction markets discipline that grew this month after platform Kalshi gained a key ruling in opposition to the Commodity Futures Buying and selling Fee, which was searching for to cease the election end result buying and selling. The CFTC is interesting the ruling. Shortly after, Robinhood competitor Interactive Brokers launched numerous political contracts, together with on the election.

The election markets have generated some controversary this yr with some involved about mild quantity permitting the markets to be skewed. Worldwide platform Polymarket stated final week {that a} single French person was liable for 4 accounts spending hundreds of thousands to purchase the Trump contract. However Polymarket stated an investigation discovered the buying and selling was not manipulating the market.

“We consider occasion contracts give individuals a device to have interaction in real-time decision-making, unlocking a brand new asset class that democratizes entry to occasions as they unfold,” stated Robinhood in a press release.

Odds and playing platforms don’t use methodologies utilized by conventional political polling, and subsequently should not substitutes for political polls.

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