Robinhood announced on Monday it is tapping into a growing politics prediction market by allowing users to trade Kamala Harris or Donald Trump contractsUsers were able to start trading as long as they met certain qualifications, like being a US citizen, the investing platform said in a press release. The event contract is being offered by Robinhood Derivatives and ForecastEx.
Robinhood is one of the most recognizable firms to join in the election betting industry. The move comes after Kalshi and Interactive Brokers won a ruling against the Commodity Futures Trading Commission to allow election outcome trading. The CFTC is appealing the ruling. Election betting markets faced controversy last week when political gambling platform Polymarket confirmed that four accounts that collectively bet more than $28 million on Trump were controlled by a single trader.In a neck-and-neck race, more eyes have looked to the political betting markets to predict who will win the presidency.The company told CNBC the trader was a French national with “extensive trading experience and a financial services background.
For users looking to trade the Harris and Trump contracts, trading will be open nearly 24/7 during the week of the election, with a 15-minute-long no trading period at 5:00 p.m. ET each day.