Robinhood Enters Election Betting Market with Trump and Harris Contracts

Robinhood's move into election betting follows a court ruling allowing U.S. platforms to offer political event contracts.

Robinhood has launched event contracts allowing users to bet on the outcomes of the 2024 U.S. presidential election between Kamala Harris and Donald Trump.
The platform joins others like Kalshi and Interactive Brokers in offering election betting, following a legal victory over the Commodity Futures Trading Commission.
Robinhood users can purchase contracts priced between $0.02 and $0.99, reflecting market-implied odds, with payouts of $1 for correct predictions.
Interest in political betting has surged, with platforms like Polymarket reporting significant trading volumes, despite being inaccessible to U.S. citizens.
Robinhood's stock saw a 3% rise following the announcement, as the company continues to expand its financial services offerings.