Trump leads Harris on Robinhood with 100M contracts traded

trump leads Harris on Robinhood’s prediction market, with 100 million contracts traded, reflecting intense election speculation.

With the growing popularity of presidential election prediction markets this year. Regular investors may now anticipate the election’s outcome in addition to pollsters. Robinhood, the latest platform to enter the election betting market, has received over 100 million bets. Since releasing contracts last week, according to the CEO.

100 million contracts have been traded in less than a week on @robinhoodapp’s, Presidential Election Market. Robinhood CEO and co-founder Vlad Tenev wrote on X on Sunday.

Users of the Robinhood app can watch in real time. As bets are placed and the odds of either, candidate winning alter, appropriately. Former President Donald Trump now leads with 55%, while Vice President Kamala Harris polls at 46%.

Robinhood’s betting site appears like this:

Robinhood, which allows users to trade a wide range of equities and crypto assets. Added U.S. election betting to its smartphone app last week. The presidential election contracts are the first event contracts available on the prediction market. To place bets, customers must satisfy specific conditions. Including being a US, Citizen and being accepted for a Robinhood Derivatives account.

Robinhood’s launch followed a September court ruling in favor of prediction market Kalshi. Which had sued the CFTC to overturn a long-standing restriction on election betting. The decision opened the door to similar contracts in the United States. Prompting Kalshi to place bets on the presidential campaign shortly after. In the first three weeks, the new offering generated $30 million in bets.

The CTFC is appealing the judgment, which may stop betting until after the 2024 election.

Kalshi and Robinhood are not the only prediction markets that accept election bets. Polymarket, a bitcoin contract platform, and PredictIt both provide popular contracts.

While Polymarket cannot operate in the United States. Its U.S. election prediction market has generated over $3 billion in activity and had Trump polling at 58% on Monday. However, fresh data reveals that a significant part of trade on the site is fraudulent.

Prediction markets function like follows: if Trump has a 55% probability of winning on Robinhood. Contracts in his favor will sell for $0.55, and users. May buy numerous contracts to boost their profits – or losses. If Trump wins, you will get $1 per contract; if he loses, you will receive $0 each contract.

It is critical to consider the timetable while acquiring election contracts on Robinhood. “While the election is planned for November 5th, the results of the contracts will not be known until January 7th, and users will not be paid until January 8th”.

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Read more: Bitcoin Traders Brace for Volatility as U.S. Election Nears