Robinhood Now Let’s You Trade on the Outcome of the Presidential Election; Joining Kalshi and others.
On Monday, Robinhood announced the launch of a new product, event contracts, allowing customers to trade on the outcome of the 2024 presidential election.
With just over one week until Election Day, approved Robinhood customers will have the option to choose from two event contracts — one for Kamala Harris and one for Donald Trump — based on their prediction of the election’s outcome.
Contracts will be priced between $0.02–$0.99 each, and the winning contract will pay out $1. Robinhood’s presidential election contracts will be tradable only during the following times:
- Monday, October 28 and Tuesday, October 29 from 8 a.m. ET–8 p.m. ET
- Wednesday, October 30 and Thursday, October 31 from 8 a.m. ET–1 a.m. ET
- November 1st, from 8 a.m. ET–10:30 p.m. ET
This product, dubbed the Presidential Election Market, follows Robinhood’s recent rollout of its desktop trading platform, Robinhood Legend, and the anticipated addition of index options and futures.
Sign up process steps:
- Step one: Apply for options trading
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- Step two Enable options trading:
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- Step three: Review your investor profile
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- Step four: Start buying options
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Event contracts are a type of derivative contract that enables customers to trade on the results of specific events, such as elections. Robinhood joins platforms like Kalshi and Interactive Brokers, which also offer trading on future event outcomes.
The company will begin rolling out presidential event contracts to a limited number of customers today, October 28, 2024. To qualify, customers must apply and be approved for a Robinhood Derivatives account, which requires meeting specific criteria, including US citizenship.
Once approved, customers can place trades reflecting their predictions on who will secure the presidency.
So, who do you think will win?