Mentioned:
The presidential election in the United States of America is nearly here. And now, you can bet on the outcome on Robinhood.
What’s happening:
- Robinhood (NASDAQ: HOOD) has launched a new feature for users to be able to bet on the outcome of the upcoming presidential election in the United States of America
Why it matters:
- This is the first time a traditional brokerage has ventured into prediction markets, which is something that crypto startup Polymarket has been seeing enormous success with as well as record betting volumes
Going deeper:
- The new ability to bet on the presidential election is being launched through Robinhood Derivatives and will only be available to select users in the United States initially
- Robinhood has publicly stated that they plan to roll out more events contracts and prediction betting capabilities in the future for users beyond just the upcoming presidential election
The intrigue:
- Robinhood has continually been pushing to be on the forefront of innovation and roll out disruptive new features to users, previously making waves with their acquisition of popular crypto exchange Bitstamp
