Robinhood rolls out presidential election event contracts

The company said, “Two weeks ago, we hosted hundreds of Robinhood (HOOD) customers in Miami at our inaugural HOOD Summit. There, we announced Robinhood Legend, and that index options and futures would be coming soon, offered by Robinhood Derivatives, LLC (RHD). Now RHD is following up on this announcement with the launch of presidential election event contracts, ahead of the November 5 general election. Event contracts allow customers to trade on the outcome of specific events, such as whether a candidate will win an election. Robinhood’s presidential election event contracts will begin rolling out to a limited number of customers today. Customers must apply and meet certain criteria to be approved for a RHD account, including being a U.S. citizen and more. Once approved, customers will be able to trade based on their prediction for “who will win the 2024 presidential election.” There will be two contracts to choose from-one for Kamala Harris and one for Donald Trump. We’ve heard from our customers that having access to the market in real time is essential – it’s why, for example, we launched 24/5 trading and recently announced our plans to launch futures trading in the coming months. We believe event contracts give people a tool to engage in real-time decision-making, unlocking a new asset class that democratizes access to events as they unfold.”