The CEO of Robinhood Claims That Prediction Markets Are Here to Stay.
The company Robinhood recorded over 500,000 bets related to the U.S. presidential elections on November 5th.
The recent presidential election has brought many people closer to prediction markets. Kalshi became the most downloaded app in the App Store on Election Day. According to the CEO of Polymarket, Trump’s campaign team realized they would win before news networks announced it, based on the statistics from their platform that indicated a significant victory hours before the official results were released. There is a growing opinion in certain tech and financial circles that these betting markets are a better indicator of "collective wisdom" than traditional polls.
Robinhood joined this trend just in time. A week before the election, the company revealed that it would launch its first prediction market related to the contest between Kamala Harris and Donald Trump. This move was a big success, with over 500 million bets placed. Now, its CEO Vlad Tenev envisions a future where Robinhood’s millions of users can place bets on various topics, including the stocks traded on its platform. Tenev believes that the growing interest in prediction markets reflects a distrust of traditional news, which is changing the way people seek information about the world.
