Robinhood CEO says prediction markets are here to stay

This week’s presidential election has introduced many people to prediction markets.

Kalshi was the number one app in the App Store on election day. Polymarket’s CEO claims the Trump campaign first realized their victory based on his startup’s statistics, which showed them winning in a landslide hours before news networks called the race. There is a feeling in some tech and financial circles that these betting markets are now a better indicator of the “wisdom of the crowd” than surveys.

Robinhood joined the fray just in time. A week before the election, the company announced that it would be holding its first-ever prediction market for the presidential race between the two parties Kamala Harris And Donald Trump. It was a huge success with over half a billion bets placed. Well, CEO Vlad Tenev envisions a future in which Robinhood’s millions of users can bet on anything, including the performance of the stocks they trade on the platform. He believes the broader interest in prediction markets reflects a growing “distrust of traditional news” that is changing the way people look for information about the world.