Following in the footsteps of popular crypto betting platform Polymarket, retail trading giant Robinhood is launching a presidential election event contract that traders can bet on.

In a new announcement, Robinhood presents its latest feature, event contracts.

“Event contracts allow clients to discuss the outcome of specific events, for example the victory of a candidate in 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 an RHD account, including being a U.S. citizen and more.

Once approved, clients can trade based on their prediction of “who will win the 2024 presidential election.” “There will be two contracts to choose from: one for Kamala Harris and one for Donald Trump. »

Robinhood says the new contract meets customer demand for access to markets in real time.

Polymarket, a real-time prediction market platform, has exploded onto the scene over the past few years. Polymarket currently gives Republican candidate Donald Trump a 66.4% chance of winning over Vice President and Democratic candidate Kamala Harris. Its bet on the US elections totaled $2.585 billion in volume.

Peter Thiel’s founding fund, Ethereum (ETH) co-founder Vitalik Buterin and other high-profile investors like Dragonfly and ParaFi invested $70 million on the crypto betting platform in May.

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Featured image: Shutterstock/Ongky Ady Widyanto