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.
