Robinhood is entering the prediction market by allowing users to trade contracts on the outcome of the presidential election. This innovation aims to expand their product offerings.
Event contracts allow investors to earn returns based on the occurrence of future events, marking Robinhood's inaugural step into offering prediction market trading.
Investors can buy Yes or No contracts for candidates, and the price reflects market beliefs about their chances of winning, highlighting a new speculative opportunity.
According to a Robinhood spokesperson, '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.'
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