Robinhood, a new broker, is entering the prediction betting market by announcing that users can start trading the 2024 presidential election on Monday, which is eight days away.
Users who fulfil specific requirements, such as being a citizen of the United States, would be able to exchange a Donald Trump or Kamala Harris contract as early as Monday. Its ForecastEx and Robinhood Derivatives units are used to offer the trading.
After platform Kalshi won a significant victory this month against the Commodity Futures trade Commission, which was attempting to halt the trade of election results, Robinhood enters the suddenly crowded world of politics prediction markets.
The decision is being appealed by the CFTC. Interactive Brokers, a rival to Robinhood, quickly introduced a number of political contracts, including one on the election.
Source (CNBC)