TechFlow news, October 28 — According to CNBC, Robinhood is entering the prediction market and announced on Monday that users can begin trading contracts just eight days away from the 2024 U.S. presidential election. The company said users could start trading contracts on Kamala Harris or Donald Trump beginning Monday, provided they meet certain criteria, including being a U.S. citizen. These trades are offered through Robinhood's derivatives division and ForecastEx.
Robinhood is stepping into a suddenly crowded political prediction market sector. Earlier this month, the platform Kalshi won a key ruling against the Commodity Futures Trading Commission (CFTC), which had attempted to block election outcome trading. The CFTC is appealing the decision. Shortly afterward, Robinhood’s competitor Interactive Brokers launched various political contracts, including those tied to the election.
