Robinhood Markets Inc. HOOD has launched presidential election event contracts through its subsidiary, Robinhood Derivatives, LLC (RHD), ahead of the Nov. 5 general election.
What Happened: The event contracts enable users to trade based on predictions of the 2024 presidential election outcome, with contracts available for Kamala Harris and Donald Trump. Initially, these contracts will be accessible to a select group of customers. Participants must apply and meet certain criteria, including U.S. citizenship.
Robinhood said that the importance of real-time market access for its customers inspired the introduction of 24/5 trading and plans for futures trading.
See Also: If Trump Wins 2024 Election In Landslide, Bettors Could Make 5X, 20X Their Bets At UK Sportsbook
Why It Matters: The launch of these contracts comes at a critical time as the 2024 presidential race intensifies.
Recent polls indicate a tight contest between Kamala Harris and Donald Trump, with both candidates leading in different surveys. An ABC/Ipsos poll shows Harris ahead by four points, while a CBS/YouGov survey gives her a one-point lead. Conversely, an Emerson College Polling survey has them tied at 49% each.
Prediction markets, however, paint a different picture. According to Polymarket, Trump holds a 61.3% chance of winning, a significant lead over Harris’s 38.6%. This gap widened after Trump’s unconventional campaign move at a McDonald’s drive-thru in Pennsylvania.
As the election approaches, prediction markets and sportsbooks suggest a higher likelihood of a decisive Trump victory, despite polls indicating a close race. Betting odds show Trump’s potential for a landslide win, offering significant returns for bettors.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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