Kalshi is not the only organization taking advantage of a U.S. District Court ruling that it can offer event contracts on the upcoming presidential election.
The Commodity Futures Trading Commission (CFTC) is still appealing the ruling, but in the meantime, the commission-free stock trading app Robinhood is also taking advantage of the opportunity. The appeals court has allowed it to be fast-tracked, but even with the expedited calendar, the appeals brief will not come in until after Election Day.
With that in mind, Robinhood is still moving forward.
“We believe event contracts give people a tool to engage in real-time decision-making, unlocking a new asset class that democratizes access to events as they unfold,” the company said in the release.
The markets are part of Robinhood Derivatives. The rollout of the election markets will be for a limited number of customers based on certain criteria. Participants must be a U.S. citizen and have either margin investing or Level 2 or 3 options trading approved on the app.
Each share of the election market will cap out at $1 one dollar when the election is over. While Election Day is Nov. 5, the markets will remain open for trading until the election is certified on Jan. 5, the day before Congress certifies the election.
Trading will be open for the market from 7 a.m. – 7 p.m. ET each day this week before expanding to 24-hour trading the week of the election, but with no trading on Saturday.
The mainstream media has been intrigued by the betting markets, with several covering the trading activity in addition to traditional polling. Reports from European sportsbooks, where betting on the election is legal, suggest that most of the betting activity has been wagering for Donald Trump to be re-elected.
At time of writing, Kalshi showed the trading for Trump shares at $0.64 per share, while Kamala Harris shares were trading at $0.37.