Robinhood has introduced a new way for consumers to wager on whether former President Donald Trump or Vice President Kamala Harris will win the 2024 U.S. presidential election. Only U.S. citizens can access these betting contracts, introduced just over a week before Election Day on November 5. Participants can place bets on their favorite candidate, with payouts pending official results verified by Congress on January 6, 2025.
By emphasizing its dedication to financial accessibility, Robinhood made it clear that providing these election contracts is not the same as endorsing any political candidate. Rather, through its derivatives market, the platform hopes to provide consumers a special chance to participate in the election’s outcome.
Market odds determine the value of each contract, which ranges from $0.02 to $0.99. With a maximum of 5,000 contracts accessible per user, a winning wager will yield $1 per contract, potentially increasing earnings to $5,000. Up to the last few days before the election, trading will be open. We will extend our hours as Election Day approaches to meet the anticipated demand.
This introduction comes after a recent court decision that permitted election wagering via derivative contracts. As more people look for methods to actively participate in important events, such as political contests, interest in event-based betting has increased recently. In addition to increasing access to this expanding market, Robinhood’s introduction of election-based trading contracts makes it easier for customers to make real-time, outcome-based investment decisions while maintaining a neutral position on political outcomes.
