Robinhood, which made waves for launching cryptocurrency investment options during the pandemic, is once again on the offensive with the app now featuring prediction markets for the upcoming US presidential election, which features former President Donald Trump and Vice President Kamala Harris competing for the White House.
Robinhood wants you to back an outcome – not bet on politics
The platform is taking a play from Kalshi’s book, the prediction market platform, which challenged the CFTC to allow it to go ahead and launch prediction markets – which the press has since labeled election betting – unchallenged.
Robinhood estimates that it can repeat this success story without risking too much and capitalize on the election betting fervor that has seized the United States. According to a statement by the firm, customers need to meet several conditions to be able to back an outcome on the platform’s prediction market:
“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 will be able to trade based on their prediction of ‘who will win the 2024 presidential election.”
Customers who wish to bet on the outcome of the election ought to hold citizenship, but similarly hold a higher status within the platform’s unique hierarchy and be approved for margin investing and Level 2 or 3 options trading, the company further…
