Is Robinhood legal in New York when it comes to prediction markets? That’s the question that we’ll be looking at for you today. The bottom line is that the prediction markets are available to NY users.
Top Robinhood Alternative for October
Robinhood offers prediction markets through a derivatives platform that’s a federally regulated CFTC exchange. As a result, it aims to make its event contracts available to users in all 45. However, the situation is rapidly changing, and event contracts are being restricted in 6. For now, though, you should have access as an NY user.
Details
Available Languages
en
Accepts Customers from
US
Show States
AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY
Are Robinhood’s Prediction Markets Available in New York?
Robinhood’s prediction markets are offered through Robinhood Derivatives, LLC. This is a financial exchange that’s regulated by the Commodity Futures Trading Commission (CFTC).
As the CFTC is a national-level regulator, you can trade event contracts for prediction markets as verified Robinhood users aged 18+ in New York. That said, the situation is rapidly changing, so we recommend that you bookmark this page and check back here for updates.
Some or all event contracts have been restricted in 6. So if you log in to find that prediction markets are unavailable, there will more than likely be a valid reason.
Here are the facts as things stand:
📈
Prediction market:
Robinhood
🇺🇸
US regulator:
CFTC
🗽
Available in New York:
Yes✅
🔞
Age limit:
18+
What Is the Robinhood Prediction Markets?
The Robinhood prediction market allows verified users aged 18+ in New York and 45 the chance to trade event contracts on future outcomes. The future outcomes that you can predict include sports game results, political elections, and more.
The prices of event contracts are based on the probability percentage, meaning they always cost between $0.01 and $0.99. For example, if the Rangers had a 50% chance of winning the Stanley Cup, the event contracts would cost around $0.50 each.
Prediction Market Resolution and Event Contract Payouts
If you buy and hold event contracts until the event is over, two things can happen:
✅ Your prediction is correct: Receive $1.00 per contract, giving you a profit.
❌ Your prediction is incorrect: Your contracts have no value $0.00), meaning that the money you’ve spent on them is lost.
Sing up to start predicting
Predict on various event contracts
How to Sign Up to Robinhood in New York – Step-by-step
To trade event contracts at Robinhood in New York, you need a fully verified account. For this, you must be over 18, have an NY residential address, a valid SSN, and a photo ID that you can upload to prove your information is correct.
Here’s what you need to do:
Follow the banners on this page to the Robinhood website.
Tap the “Sign Up” button.
Enter your email address and create a password.
Enter your name, address, and date of birth.
Enter your SSN and upload your photo ID to get verified.
Robinhood Prediction Markets – Summary and Conclusion
To summarize,
Robinhood prediction markets
are available to New York users right now, but the situation is subject to change. That’s why we recommend that you check back here and with other trusted sources for updates.
For now, you can trade event contracts on future outcomes like sports and elections if you are over 18 and a fully verified NY Robinhood account holder. Besides the potential availability issues of certain contracts, you should also consider the risks of prediction market trading.
Is Robinhood Legal in New York? FAQ
At the moment, Robinhood’s prediction markets are available in New York, as they are offered through a derivatives exchange that’s regulated by the CFTC. However, the situation is subject to change, so keep up to date here at next.io.
Robinhood’s prediction markets and event contracts are available to verified account holders in 45 and territories. While 6 have partial restrictions, the only locations where the prediction markets are outright unavailable are Washington and Nevada.
While some event contracts on the app may be restricted, New York users should have access to most prediction markets at Robinhood. This includes sports, politics, climate, and more.
Sing up to start predicting
Predict on various event contracts
