Betting on Democracy: Betting on the 2024 Election Showdown Between Trump and Harris
Betting on the Future: Transforming Outcomes into Profits with Event Contracts.
Introduction
Politics has always held a fascinating sway over public interest, shaping societal norms and values. Presidential elections serve as critical touchstones, reflecting the nation’s priorities and the qualities we seek in our leaders, such as righteous service, integrity, and transparency. As the presidential election neared and voting was in full effect on Robinhood’s investment app, a notification stated an Event Contract was available for the 2024 presidential election.
This was the first time Robinhood offered a financial instrument to users. So I opened my app, clicked on the event contracts, and there it was: the option for investors to bet on the 2024 presidential election. As a seasoned investor, I’m familiar with cryptocurrency and stocks, but event contracts were an entirely new financial term and concept. This investment is based on the speculative outcome of who will win the presidency.
Out of curiosity and a love for taking risks, I put my money where my thoughts and opinions were. So, without hesitation, I risked five dollars that Donald Trump would win the election without understanding what an event contract was and its associated risk.
What is an Event Contract?
An event contract is a financial instrument that allows individuals to bet on the outcome of a particular event, such as sports games, presidential elections, or any competitive event. Individuals can trade these contracts based on an event’s outcome predictions. They are often based on a “yes” or “no” contract, making them simplified for participants. Moreover, event contracts were approved by the Commodity Futures Trading Commission (CFTC), a government-based agency responsible for regulating futures, event, and option market contracts.
From Passive to Aggressive
It was also my first time voting for a presidential candidate, so it was my right to vote and profit from the election. This consequently made me pay closer attention to the overall election, including the House, Senate, and the presidency. Betting on the election added an exhilarating layer to my first-ever voting experience.
I went from being a passive viewer into an active participant and began extensively studying and researching candidates, their platforms, and elite figures supporting them. For the first time, I was emotional about an election primarily because of the financial gain associated with my prediction or logical reasoning of who was more suited for president over the next four years.
The Calculated Outcome
Once the ballots were being tallied for each state, I watched them closely. I was so locked in it felt like I was watching a professional sports championship game series. All or nothing was my mindset. As Donald Trump slowly edged closer to victory, I was on my feet, waiting for the official win to be set in stone. Boom! Donald Trump won the election, and I won on my investment. It was a great feeling, and I also agree with the idea of event contracts because they are an innovative approach for people to make money while being engaged in outcomes of significant events and encourage more informed and calculated decision-making.
Disclaimer: I risked more than five dollars, but the experience made me understand that attention to detail is required when money is involved. It was also fun because, as an investor, it was similar to an option trade. Event contracts are a game changer.
Interested in learning more about event contracts? Read my in-depth analysis of Kalshi on the NYCDailyPost! Clicked the link below!
Kalshi: redefining the future of event contract trading — NYC Daily Post
