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Robinhood wants to get in on the betting scene surrounding the presidential election. In 2024, gambling in the U.S. is projected to generate $24.98 billion in revenue—roughly 22% more than in 2023.
What’s Happening:
- Introducing Betting Markets: Robinhood recently launched a new feature allowing users to bet on the presidential election, a space previously dominated by smaller platforms like Polymarket.
- New Product Offerings: Alongside this, Robinhood unveiled "Robinhood Legend," a free tradubg platform for all users that offers customizable charting and streamlined options trading.
Bankless Take:
While this might initially seem like a cash grab, Robinhood may actually be gauging interest in a betting marketplace among its users. Polymarket’s recent success illustrates people’s enthusiasm for event-based betting, with over $1.8 billion in volume handled in October alone ahead of the election. Robinhood, with its large base of younger, risk-tolerant users, could well capture a substantial portion of the event-based betting market if this test proves successful.
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