{"id":1602938,"date":"2024-10-30T09:28:17","date_gmt":"2024-10-30T13:28:17","guid":{"rendered":"https:\/\/www.sportscasting.com\/?p=1602938"},"modified":"2024-10-30T09:28:17","modified_gmt":"2024-10-30T13:28:17","slug":"robinhood-launches-presidential-election-betting-market","status":"publish","type":"post","link":"https:\/\/www.sportscasting.com\/news\/robinhood-launches-presidential-election-betting-market\/","title":{"rendered":"Robinhood Launches Presidential Election Betting Market"},"content":{"rendered":"<p>Retail investing platform Robinhood debuted a program Monday enabling users to place wagers on the outcome of the U.S. presidential election, entering a growing market which currently favors Republican nominee Donald Trump over Vice President and Democratic candidate Kamala Harris.<\/p>\n<h2>Robinhood will allow its clientele to bet on the November 5 general election via presidential election event contracts<\/h2>\n<p>Robinhood <a href=\"https:\/\/newsroom.aboutrobinhood.com\/introducing-the-presidential-election-market\/\">announced<\/a> U.S. citizens will be eligible to purchase event contracts betting on whether Trump or Harris will win on Election Day. According to Forbes, contracts priced between $0.02 and $0.99 at close to the market-implied percentage odds of victory for each candidate will result in a $1 payout if the pick is nailed.<\/p>\n<p>Users can buy a maximum of 5,000 election contracts, company spokesperson Christina Trejo informed Forbes. This means Robinhood users can receive up to a $5,000 payout if they pick the winning side.<\/p>\n<p>The platform will allow users to buy and sell &#8220;Yes&#8221; contracts for either Trump or Harris. Customers can only purchase a \u201cYes\u201d contract for one of the candidates, not both.<\/p>\n<p>More importantly, Robinhood is set to join various political prediction market companies, such as Polymarket, Kalshi, and PredictIt. Election betting has become a major talking point this presidential election. However, <a href=\"https:\/\/www.sportscasting.com\/betting-sites\/\">sportsbooks<\/a> remain prohibited from offering similar betting markets.<\/p>\n<h2>If the platform&#8217;s market opens with a 62% chance of a Trump victory, users will be able to buy Trump contracts at $.062 apiece<\/h2>\n<p>According to the site Election Betting Odds, Trump has a 62% chance of winning over Harris across major betting markets. FiveThirtyEight&#8217;s, the poll-based prediction model, gives Trump a 54% chance at victory. Then there&#8217;s Nate Silver\u2019s Silver Bulletin, which prices Trump at 52.9%.<\/p>\n<p>In other words, if the Robinhood market opens with a 62% chance of a Trump win, the platform&#8217;s users could buy Trump contracts at $0.62 apiece and Harris contracts at $0.38.<\/p>\n<p>This essentially boils down to $1 separately if their pick is successful. Users would net about a 60% return on investment if Trump wins and 160% if Harris does.<\/p>\n<p>The hours of operation for Robinhood\u2019s presidential election betting market will ramp up heading into next Tuesday\u2019s election. Trading opens at 8 a.m. ET and runs through 8 p.m. ET.<\/p>\n<p>The contracts will pay out Jan. 7-8, 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail investing platform Robinhood debuted a program Monday enabling users to place wagers on the outcome of the U.S. presidential election, entering a growing market which currently favors Republican nominee Donald Trump over Vice President and Democratic candidate Kamala Harris. Robinhood will allow its clientele to bet on the November 5 general election via presidential [&hellip;]<\/p>\n","protected":false},"author":305,"featured_media":1602948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[447607],"tags":[66144,447423,447424],"class_list":["post-1602938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling","tag-gambling","tag-main-page","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.5 (Yoast SEO v23.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Robinhood Launches U.S. Presidential Election Betting Market<\/title>\n<meta name=\"description\" content=\"Retail investing platform Robinhood debuted a program Monday enabling users to place wagers on the outcome of the U.S. presidential election.\" 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