Robinhood company saw over 500,000 bets made on the November 5th US presidential race. “It’s the fastest way to get information about what’s happening,” CEO Vlad Tenev says in an exclusive interview.
This week’s presidential election introduced a lot of people to prediction markets. Kalshi was the number one app in the App Store on Election Day. The CEO of Polymarket claims the Trump campaign first realized they were winning from his startup’s stats, which showed them winning by a landslide hours before news networks called the race. There’s a sense in some tech and finance circles that these betting markets are now a better “wisdom of the crowd” indicator than polls.
We don’t have anything to announce in terms of what it’s going to look like, but I do think event contracts as an asset class are interesting to people. I think they’re going to be interesting and useful outside of elections as well. Eventually it could encompass everything. Sports betting, for example. You can imagine in financial markets they could be very useful, too. A lot of people are interested in hedging risk around what companies do around earnings.
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