(Bloomberg) -- Robinhood Markets Inc. is joining competitors in allowing retail traders to bet on election outcomes before next week’s US vote for president.
Robinhood is rolling out contracts pegged to specific events, including whether a particular candidate will win an election, the firm said Monday in a statement. The firm will start offering a limited number of the event contracts tied to this year’s presidential race, and buyers will have to attest that they meet a variety of requirements, it said.
“Once approved, customers will be able to trade based on their prediction for ‘who will win the 2024 presidential election,’” according to the statement. “There will be two contracts to choose from — one for Kamala Harris and one for Donald Trump.”
The Menlo Park, California-based firm follows other retail brokerages including Interactive Brokers Group Inc. in offering the events contracts amid intense interest in this year’s tight presidential race. The moves come despite the US Commodity Futures Trading Commission’s arguments against offering such products to investors.
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