- Robinhood CEO says the prediction market is “a future not only trading, but also information.”
- Vlad Teenv said he wanted to play Robinhood “a leading role” in its development.
- Prediction markets are bets on the outcome of a future event, such as elections.
Robinhood CEO Vlad Tinif said his company will go to the prediction markets, saying it is the “future.”
TENEV discussed the prediction markets and its financial services company during the Friday episode of “hard Fork”, which is produced by the New York Times. TENEV – which is valued at more than $ 3 billion – shared his opinion on how the prediction market varies.
“I think there are some similarities mechanically, but they are different things,” Tinif said.
“First of all, I think the prediction markets are a future not only trading, but also information,” he said. “I was a great believer with the power of prediction markets for a long time – a kind of student from them – and I think the prediction markets should live in everything.”
Prediction markets are mainly bets on the results of future events. Traders put bets based on what they think will happen. If enough people participate, collective inputs may be a strong indication of what may actually happen.
TENEV compare the prediction markets with traditional news models such as newspapers and broadcast news.
The CEO of Robinhood Vlad Tenev said the prediction markets are the “future” of information.
Steve Granites/Magic
“People also pay for broadcasting news, indirectly in the form of ads. So, what are the prediction markets are faster news, right?” Tinif said. “In some cases, you can get it even before it happens. So, the economic value of this should be as a product and a high service, and I would like to argue greater the news after it happens.”
Robinhood has achieved some success in the prediction market 2024 The presidential elections, which have predicted to a large extent, will win Donald Trump, although Kamala Harris increased late after an influential survey in Iowa predicted that the state would land in the column of Democrat. The prediction markets on various betting platforms – usually a world of sports – exploded in popularity during the elections.
Robinhood also launched Super Bowl Event Contracts Earlier this month, but we were arrested after a request from US commodity futures trading committee.
“At the end of the day, I think what you will see is the prediction market here to stay,” he said. “I think some details about the types of prediction markets are classified in the category that I think will be resolved, but Robinhood will play a pioneering role in this because I think this is similar to an incredibly important technology.”
TENEV talked about the potential prediction markets of Robinhood business during the fourth -quarter profit call for 2024 this month.
“So we were one of the few platforms that provide the ability to circulate the elections and that was very successful for us,” Tinif said. “We had more than half a billion contracts that were circulated in about a week before the elections, so what you should expect from us is a comprehensive events platform that allows access to prediction markets through a wide range of contracts later this year.”
