Robinhood To Launch New Event Contracts for Betting on US Election Amid Polymarket’s Explosion in Popularity

Following within the footsteps of in style crypto betting platform Polymarket, retail buying and selling big Robinhood is launching a presidential election contract for merchants to guess on.

In a brand new announcement, Robinhood introduces the most recent characteristic, occasion contracts.

“Occasion contracts permit purchasers to commerce based mostly on the end result of particular occasions, akin to whether or not a candidate will win an election. Robinhood presidential election occasion contracts are rolling out to a restricted variety of prospects in the present day.

Clients should apply and meet sure standards to be authorized for an RHD account, together with being a U.S. citizen and extra.

As soon as authorized, prospects can commerce on their prediction of “who will win the 2024 presidential election.” “There might be two contracts to select from: one for Kamala Harris and one for Donald Trump.”

Robinhood says the brand new contract is in response to buyer demand for entry to real-time markets.

Polymarket, a real-time prediction market platform, has exploded onto the scene lately. Polymarkt At present, Republican candidate Donald Trump has a 66.4% likelihood of profitable over Vice President and Democratic candidate Kamala Harris. The US election guess has generated a complete quantity of $2.585 billion.

Peter Thiel’s Founder’s Fund, Ethereum (ETH) co-founder Vitalik Buterin and different high-profile buyers like Dragonfly and ParaFi invested $70 million on the crypto betting platform in Might.

Do not miss a beat – Subscribe to obtain electronic mail alerts straight to your inbox

Test worth motion

Observe us additional X, Facebook And Telegram

Surf to the Each day Hodl combine

Featured picture: Shutterstock/Ongky Ady Widyanto