We are just hours away from Election Day 2024, and some people are taking to betting outlets to place wagers on what they believe the outcome will be. One of the more recognizable sites that will be taking action this year is Robinhood, the financial service that typically specializes in trading and investing.
But their wagering system for the upcoming election is a little different from that of your typical sportsbook. What does the process entail, and is it worth placing your bets with Robinhood rather than the typical outlets?
Robinhood Allows Election Betting In The U.S.
In order to place a “bet” on the 2024 Election through Robinhood, you will have to purchase something called an “event contract”. It is a forecast contract that is based on a simple “Yes” or
“No” question, and this particular event has only two possible questions:
- Will Donald Trump win the election?
- Will Kamala Harris win the election?
You can buy the “Yes” contract for either one of these events, and can only do so for one candidate. If your selected candidate wins and is named the President of the United States on January 7th 2025, you will be paid out $1 for each contract that was purchased.
Robinhood charges $0.01 in commission for each contract, and all winnings are reported to tax authorities.
Best Election Betting Sites In 2024
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Why Gamblers Prefer Sportsbooks To Robinhood
| Sportsbooks | Robinhood |
| ✅ Vegas Odds for Elections | ❌ Buy Contracts for Election Winner |
| ✅ Instant Deposits | ❌ Deposits Can Take Up To 4 Days |
| ✅ Bigger Bonuses & More Free Bets | ❌ Payouts Are Not Always Clear Before Betting |
| ✅ Fast Payouts |
Those who are already familiar and plugged in with the Robinhood app might use it as an option for betting on the election, but that may be about it. Gamblers will more than likely prefer to take their money to one of the sportsbooks or outlets that have a more traditional method of wagering.
The reasons are simple. The sportsbooks odds are created and influenced by the Vegas odds, which are arguably the most accurate and up-to-date in the gambling world. There are loads of wagering options to choose from too, from over/unders to election parlays, as opposed to the one-question contracts offered by Robinhood. It would appear that the payout process with your typical sportsbook would be more straight forward, as well.
Which Sportsbooks To Use Instead?
Do some research before deciding which sportsbook best fits your needs for betting on Election Day 2024. Be sure to check on both the wagering and payout processes, and if there are any minimum bet stipulations. It would also be smart to sift through the betting options before signing up, to make sure that the events that you would like to wager on are available.
There are plenty of sites still taking Election Day action. A couple of outlets that have extensive betting menus are BetOnline and Bovada, both of which have deep reputations in the online betting community. Be sure to check out other options like BetNow, BetWhale, and EveryGame as well.
