Robinhood announced Monday it is entering the election prediction market, allowing users to trade contracts on the 2024 U.S. presidential election. Robinhood's entry comes after a favorable ruling for prediction markets, in which competitor Kalshi won a case against the Commodity Futures Trading Commission over election outcome trading. Robinhood states that event contracts enable users to engage in real-time, democratized decision-making. Prediction markets have faced scrutiny, with recent controversy at Polymarket over high-volume Trump contracts. Odds and gambling platforms lack the methodologies of traditional polling and cannot serve as substitutes for political polls.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Robinhood announced Monday it is entering the election prediction market,
00:05allowing users to trade contracts on the 2024 U.S. presidential election.
00:10Robinhood's entry comes after a recent favorable ruling for prediction markets in which competitor
00:15Kalshi won a case against the Commodity Futures Trading Commission over election outcome trading.
00:21Robinhood states that event contracts enable users to engage in real-time democratized decision
00:26making. Prediction markets have faced scrutiny with recent controversy at Polymarket over high
00:31volume Trump contracts. Odds and gambling platforms lack the methodologies of traditional
00:36polling and cannot serve as substitutes for political polls. For all things money,
00:41visit Benzinga.com slash GSTV.