Robinhood Launches March Madness Prediction Market Amid Regulatory Challenges
- Robinhood has introduced a prediction market for the NCAA’s March Madness tournament.
- The service is powered by Kalshi, which recently won a legal battle against U.S. regulators.
- Kalshi had previously secured over $275 million in inflows for its electoral markets.
- Robinhood’s Super Bowl prediction market was shut down due to regulatory pushback.
- Nevada regulators ordered Kalshi to stop trading on sporting events and elections.
- Robinhood shares rose by approximately 3%, reaching $42.02.
Robinhood’s new prediction market for March Madness, supported by Kalshi, marks an attempt to navigate regulatory challenges in the U.S., following previous successes and setbacks in event derivatives trading.
Source (2.6)https://decrypt.co/310327/robinhood-debuts-march-madness-prediction-markets-as-event-derivatives-gain-traction-in-us?rand=52368
