Following the lead of popular crypto betting platform Polymarket, retail trading giant Robinhood is launching a contract for a presidential election event that traders can bet on.
In a new announcement, Robinhood introduces the newest feature, event contracts.
“Event contracts allow clients to trade based on the outcome of specific events, such as whether a candidate will win an election. Robinhood presidential election event contracts are rolling out to a limited number of customers today.
Customers must apply and meet certain criteria to be approved for an RHD account, including being a U.S. citizen and more.
Once approved, customers can trade on their prediction of “who will win the 2024 presidential election.” “There will be two contracts to choose from: one for Kamala Harris and one for Donald Trump.”
Robinhood says the new contract is in response to customer demand for access to real-time markets.
Polymarket, a real-time prediction market platform, has exploded onto the scene in recent years. Polymarkt Currently, Republican candidate Donald Trump has a 66.4% chance of winning over Vice President and Democratic candidate Kamala Harris. The US election bet has generated a total volume of $2.585 billion.
Peter Thiel’s Founder’s Fund, Ethereum (ETH) co-founder Vitalik Buterin and other high-profile investors like Dragonfly and ParaFi invested $70 million on the crypto betting platform in May.
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Featured image: Shutterstock/Ongky Ady Widyanto