Robinhood Launches Election Market
Robinhood Derivatives is launching presidential election event contracts, allowing users to trade on the outcome of the upcoming 2024 election.
The Deets
- Trading on Election Outcomes: Customers can now speculate on who will win the 2024 U.S. presidential election, with initial contracts for Kamala Harris and Donald Trump.
- Limited Rollout: Event contracts are being gradually made available to eligible customers starting today.
- Trading Hours: Contracts will be available with specific hours leading up to the election, including near 24/7 access the week of the event.
- Eligibility Requirements: Only approved U.S. customers can participate, with strict criteria in place to prevent conflicts of interest.
The Bulk
Event contracts work by allowing customers to trade on specific outcomes—in this case, who they believe will win the 2024 presidential election. Robinhood’s initial offering includes contracts for two candidates, Kamala Harris and Donald Trump, and will be available to a limited number of eligible customers today. Those approved for RHD accounts will be able to make their predictions based on real-time information, with trading times varying throughout the election week to facilitate real-time decision-making.
To provide more transparency around eligibility, RHD shared that customers must meet several criteria to qualify for election event contracts, ensuring compliance with financial regulations and maintaining fair trading conditions. Restricted parties include non-U.S. residents, current federal officeholders, campaign employees, and others with potential conflicts of interest.
❗Why It Matters
The success of prediction markets has been one of the biggest storylines during the current crypto cycle and nearly all major players are looking for a way to capitalize on the trading volumes that Election Markets bring.
🎬 Take Action
Interested in trading on election outcomes? Eligible customers can begin applying today for a Robinhood Derivatives account.
🔜 What’s Next?
Robinhood will continue expanding trading hours for these contracts, with nearly 24-hour access in the week leading up to November’s general election.
For more web3 and NFT news, visit the Lucky Trader newsfeed.
