Shares of Robinhood Markets (HOOD) rose about 4% to $28 after the U.S. market opened Monday, Yahoo Finance reported. According to Yahoo Finance, the rise followed the company's announcement of the launch of a new political prediction marketplace.
There are eight days until the election. Users can trade contracts on candidates Kamala Harris and Donald Trump through Robinhood's derivatives division, in partnership with interactive brokers ForecastEx.
The offering will initially be available to a select group of customers, and candidates must meet certain criteria, such as U. S. citizenship, to participate. The new service follows Robinhood's recent launch of 24/5 and futures trading as part of its commitment to providing real-time market access.
According to CoinGecko's latest report, the prediction market experienced a surge in the third quarter of this year, with the value of bets increasing by 565% to reach $3.1 billion. This surge was mainly driven by the much-anticipated US presidential election and, in particular, the impact on #cryptocurrency regulation following this key event.
leading decentralized platform Polymarket bet on the "winner of the US presidential election" with a market share of over 99% and a volume of USD 1.7 billion, which corresponds to approximately 46% of the annual trading volume. According to DefiLlama, as of October 27, Polymarket's closed bets totaled $302 million, up about 140% over the past month.
In addition to #Robinhood , Wintermute is another company looking to capitalize on the growing interest in the prediction market. Last month, Wintermute announced plans to launch a new prediction marketplace called OutcomeMarket.
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