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

Following the footsteps of the popular crypto betting platform Polymarket, retail trading giant Robinhood is launching a presidential election event contract for traders to bet on.

In a new announcement, Robinhood introduces its newest feature, event contracts.

“Event contracts allow customers to trade on the outcome of specific events, such as whether a candidate will win an election. Robinhood’s presidential election event contracts will begin 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 based on their prediction for ‘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, exploded onto the scene within the last several years. Polymarket currently gives Republican candidate Donald Trump 66.4% winning odds over Vice President and Democratic nominee Kamala Harris. Its US Election bet has done a total of $2.585 billion in volume.

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

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Featured Image: Shutterstock/Ongky Ady Widyanto