Connect with us

Published

on

Robinhood shares up 8% after launching betting markets hub

Robinhood has launched a betting markets hub as the online brokerage — best known for stock trading — expands its presence in emergent asset classes, including cryptocurrencies and event contracts, according to a March 17 announcement. 

Robinhood’s stock, HOOD, rose roughly 8% on the Nasdaq after the announcement, according to data from Google Finance.

The new betting feature will let users “trade contracts for what the upper bound of the target fed funds rate will be in May, as well as the upcoming men’s and women’s College Basketball Tournaments,” it said

Cryptocurrencies, Betting, Stocks, Derivatives, Financial Derivatives, Robinhood

HOOD’s intraday performance on the Nasdaq on March 17. Source: Google Finance

The online brokerage is tapping Kalshi, the US’ first CFTC-regulated prediction platform, to operate the event contract platform, it said. 

Kalshi is already registered to list dozens of event contracts, covering outcomes ranging from election results to Rotten Tomatoes movie ratings.

Prediction markets “play an important role at the intersection of news, economics, politics, sports, and culture,” JB Mackenzie, vice president and general manager of futures and international at Robinhood, said in a statement. 

Experts say political betting markets often capture public sentiment more accurately than polls. Platforms such as Kalshi and Polymarket accurately predicted US President Donald Trump’s November election win even as polls indicated a tossup.

Related: Robinhood tips Singapore launch, touts memecoin interest: Report

Rising popularity

Prediction markets have become increasingly popular in the US since September 2024, when Kalshi prevailed in a lawsuit challenging a CFTC decision to bar it from listing political event contracts.

By November, trading volumes across popular prediction markets neared $4 billion for contracts tied to the US elections.

Robinhood tested the waters of political event contracts in October when it started letting certain users bet on the outcome of the presidential election between former Vice President Kamala Harris and Trump.

In February, Robinhood suspended Super Bowl betting after receiving a request from the CFTC to nix its customers’ access to the event contracts.

Beyond stock trading

Robinhood has been expanding its footprint in emerging asset classes, including cryptocurrencies and derivatives. 

On March 13, the company listed memecoins like Pengu (PENGU), Pnut (PNUT) and Popcat (POPCAT) in a bid to expand its presence in crypto. Back in January, it rolled out futures contracts tied to cryptocurrencies such as Bitcoin (BTC).

Robihood’s latest earnings report shows the firm posted a 700% year-over-year jump in crypto revenues in the fourth quarter of 2024 as Trump’s election win and rising market prices fueled boosted crypto trading.

X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov 

Continue Reading

Politics

Another tantrum from the Labour backbenches is inevitable

Published

on

By

Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

In common with many parents across the country, here’s a conversation that I have with my young daughter on a semi-regular basis (bear with me, this will take on some political relevance eventually).

Me: “So it’s 15 minutes until your bedtime, you can either have a little bit of TV or do a jigsaw, not both.”

Daughter: “Ummmm, I want to watch TV.”

Me: “That’s fine, but it’s bed after that, you can’t do a jigsaw as well.”

Fast-forward 15 minutes.

Me: “Right, TV off now please, bedtime.”

(Pause)

Daughter: “I want to do a jigsaw.”

Now replace me with the government, the TV and jigsaw options with axing welfare cuts and scrapping the two-child cap, and my daughter with rebellious backbenchers.

Politics latest: Former Labour leader calls for wealth tax on assets above £10m

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

That is the tension currently present between Downing Street and Labour MPs. And my initial ultimatum is the messaging being pumped out from the government this weekend.

In essence: you’ve had your welfare U-turn, so there’s no money left for the two-child cap to go as well.

As an aside – and before my inbox fills with angry emails lambasting me for using such a crude metaphor for policies that fundamentally alter the lives of some of the most vulnerable in society – yes, I hear you, and that’s part of my point.

Please use Chrome browser for a more accessible video player

Welfare U-turn ‘has come at cost’

For many in Labour, this approach feels like the lives of their constituents are being used in a childish game of horse-trading.

So what can be done?

Well, the government could change the rules.

Altering the fiscal rules is – and will likely remain – an extremely unlikely solution. But as it happens, one of Labour’s proverbial grandparents has just popped round with a different suggestion.

Please use Chrome browser for a more accessible video player

Welfare: ‘Didn’t get process right’ – PM

A wealth tax, Lord Neil Kinnock says, is the necessary outcome of the economic restrictions the party has placed on itself.

Ever the Labour storyteller, Lord Kinnock believes this would allow the government to craft a more compelling narrative about whose side this administration is on.

That could be valuable, given one of the big gripes from many backbench critics is that they still don’t really understand what this prime minister stands for – and by extension, what all these “difficult decisions” are in aid of.

The downside is whether it will actually raise much money.

Please use Chrome browser for a more accessible video player

Is Corbyn an existential risk to Labour?

The super-rich may have lots of assets to take a slice from, but they also have expensive lawyers ready to find novel ways to keep their client’s cash away from the prying eyes of the state.

Or, of course, they could just leave – as many are doing already.

In the short term, the future is a bit easier to predict.

If Downing Street is indeed now saying there is no money to scrap the two-child cap (after heavy briefing in the opposite direction just weeks ago), an almighty tantrum from the backbenches is inevitable.

And as every parent knows, the more you give in, the harder it becomes to hold the line.

Continue Reading

Politics

UK restores diplomatic ties with Syria

Published

on

By

UK restores diplomatic ties with Syria

The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.

The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.

It marks the latest diplomatic move since Bashar al Assad’s regime was toppled by rebel groups led by HTS in December.

In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.

“After over a decade of conflict, there is renewed hope for the Syrian people.

“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”

Foreign Secretary David Lammy shakes hands with Syrian interim president Ahmed al-Sharaa in Damascus. Pic: X / @DavidLammy
Image:
Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy

The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.

While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.

The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.

Read more:
Wildfires break out in Greece, Turkey and Syria
Putin ‘mocking Trump’s peace efforts’, Poland says
Hamas gives ‘positive’ response to ceasefire proposal

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.

In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.

Please use Chrome browser for a more accessible video player

From May: Trump says US will end sanctions for Syria

He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.

“I say good luck, Syria. Show us something special.”

Continue Reading

Politics

Secret Service seizes $400M in crypto, cold wallet among world’s largest

Published

on

By

Secret Service seizes 0M in crypto, cold wallet among world’s largest

Secret Service seizes 0M in crypto, cold wallet among world’s largest

Secret Service quietly amasses one of the world’s largest crypto cold wallets with $400 million seized, exposing scams through blockchain sleuthing and VPN missteps.

Continue Reading

Trending