Robinhood introduced on Monday it’s tapping right into a rising politics prediction marketplace by way of permitting customers to business Kamala Harris or Donald Trump contracts at the 2024 presidential election.
Customers had been ready to begin buying and selling between 8 a.m. ET and eight p.m. ET so long as they met positive {qualifications}, like being a US citizen, the making an investment platform mentioned in a press liberate. The development contract is being introduced by way of Robinhood Derivatives and ForecastEx.
The contracts will probably be priced between two cents and 99 cents, incomes a $1 payout if the person guesses the successful candidate.
Robinhood introduced on Monday it’ll permit customers to business Kamala Harris or Donald Trump contracts at the 2024 presidential election. REUTERS
Customers should purchase as much as 5,000 election contracts, which means Robinhood customers can win as much as a $5,000 payout in the event that they bet as it should be, corporate spokesperson Christina Trejo advised Forbes.
Robinhood is without doubt one of the maximum recognizable corporations to enroll in within the election making a bet trade. The transfer comes after Kalshi and Interactive Agents received a ruling in opposition to the Commodity Futures Buying and selling Fee to permit election consequence buying and selling. The CFTC is interesting the ruling.
For the reason that ruling, Interactive Agents has introduced more than a few political contracts.
In a neck-and-neck race, extra eyes have appeared to the political making a bet markets to are expecting who will win the presidency. Wagering platforms overwhelmingly guess on a Trump win. It’s unclear how making a bet markets examine to polls with regards to consequence prediction accuracy.
Election making a bet markets confronted controversy ultimate week when political playing platform Polymarket showed that 4 accounts that jointly guess greater than $28 million on Trump had been managed by way of a unmarried dealer. The corporate advised CNBC the dealer used to be a French nationwide with “intensive buying and selling enjoy and a monetary services and products background.”
Wagering platforms have overwhelmingly swung in former president Donald Trump’s prefer. AFP by means of Getty Pictures
Polymarket, which is recently banned for US investors, mentioned there used to be no proof the dealer used to be seeking to fluff Trump’s odds at the making a bet markets.
For customers taking a look to business the Harris and Trump contracts, buying and selling will probably be open just about 24/7 all over the week of the election, with a 15-minute-long no buying and selling duration at 5 p.m. ET every day.
The contracts can pay out Jan. 7-8, 2025.
