Robinhood Gets Into the Betting Business, Launches Prediction Market

Online trading platform Robinhood has positioned itself as the financial app of the people, promising “investing for all.” Apparently the company has decided that what the people need as the stock market continues to undergo a “correction” is the ability to gamble. On Monday, the company announced that it will launch a new prediction hub in its app that will allow people to “trade on the outcomes of some of the world’s biggest events,” which is apparently distinct from gambling in some way. Per Robinhood’s press release the predictions hub will launch with the ability for people to “trade contracts” on what they believe will be the upper bound of the target interest rate the Federal Reserve will announce in May. It’ll also launch with the ability to predict the outcomes of the upcoming March Madness tournament, with both the men’s and women’s brackets available. While the hub will live in the Robinhood app, the “contracts” are being made available by Kalshi, which is technically a fe ... Read full article.