If you’re wondering how to bet on the presidential election, you have several choices.
Market leader Kalshi now has a new competitor: Robinhood. The popular investment app announced this week that it was joining the election betting extravaganza.
Get $20 free when you sign up and deposit with Kalshi right here.
As such, the battle between Kalshi vs. Robinhood for prediction market supremacy may be about to heat up.
Kalshi is the most popular election betting app, already facilitating over $140 million in wagers. Of course, Kalshi launched its election markets on Oct. 4, while Robinhood launched them with less than a week to go until Election Day.
So, which app is better?
We think Kalshi.
Here's why.
Kalshi is a regulated prediction market platform allowing users to bet on future events, such as politics, movies, music, the weather, and much more.
It is safe, secure, and easy to use. Most importantly, it is fully regulated by the CFTC. We love the Kalshi app for casual bettors and more experienced traders alike.
Kalshi’s platform feels much more like a sportsbook or a casino, but without sports and oddsmakers. To be sure, Kalshi is not a gambling app — instead, it’s a way to trade “event contracts” peer-to-peer.
You trade ‘Yes’ and ‘No’ contracts on miscellaneous events, but the overall user experience is much more intuitive and gamified than what you’ll find on finance apps such as Robinhood.
The Kalshi app has recently surged in downloads in the App Store, and for good reason, overtaking brands like Cash App, PayPal, and Venmo.
It’s a fun way to test your wits while investing money on real-world events in which you may (or may not) have specialized knowledge.
• Simple to use
• Hundreds of election betting options
• Regulated by the CFTC
• Buy and sell your positions
• Earn interest (APY) on long-term positions
• No fees on election contracts
• Signup bonus for new users
• Customer service is lacking
• So many markets might be overwhelming for some users
• Liquidity issues for smaller, niche markets
Read our full Kalshi betting review.
[Related: Polymarket vs. Kalshi]
Get $20 free when you sign up and deposit with Kalshi right here.
Robinhood is primarily known as an investing app for retail users. Robinhood makes investing simple for people who are new to finance, which is why it's so popular with young adults. Robinhood is also famous for its commission-free trading of US stocks, ETFs, and options. This gave it a significant advantage over major brokerages when the company launched its product in 2015.
However, many brokerages have since followed Robinhood’s lead — now commission-free trading is actually the standard across the industry.
Robinhood has remained popular by bringing a sleek style to more traditional but complex investments, all while adding cryptocurrency trading. Robinhood is a great way for young people to learn how trading works.
On Oct. 28, 2024, Robinhood announced that it would offer presidential election markets via event contracts, teaming up with Interactive Brokers’ ForecastEx to launch the new market.
These event contracts, to be sure, are nascent and should be viewed as riskier “investments” than Robinhood’s other options.
Similar to Kalshi, its customers must meet specific requirements to bet on the election with Robinhood. Users must be at least 18 years old and US citizens.
Unlike Kalshi, Robinhood’s election markets are merely one-way markets, meaning you can’t sell your position until the winner is determined, which won’t be official until January. Also, Robinhood’s “commission-free” mantra does not apply here. There is a 1% fee on the election, and they do so by embedding it within the price of each election contract. Each contract adds up to $1.01
Robinhood has only one election market focused on the presidential winner alone.
• Commission-free trading
• Traditional investments (stocks and ETFs)
• Crypto trading
• No minimum investment and fractional shares
• Signup bonus for new users
• Only one election market
• Can’t sell your election positions
• 1% fee on election bets
Kalshi is undoubtedly the better option for election betting, as it specializes in prediction markets and offers various ways to trade the election. No fees are baked into their election markets, making it easier for users to profit. On top of that, Kalshi allows users to trade event contracts as if they are stock investments, meaning you do not have to be locked into a position long-term. Even if you lock in a long-term position, Kalshi will pay you interest (currently 4.5% APY) as you hold for the event to play out. In contrast, Robinhood’s only election market is for the presidential winner. You can bet on either Donald Trump or Kamala Harris, but you cannot cash out until the president is officially certified in January. Additionally, Robinhood does charge a 1% fee on each election contract.
However, if you are looking for a place for more traditional investments, you’ll find a home at Robinhood. While Kalshi’s APY feature incentivizes you to make long-term predictions, it is not a conventional investment app, nor should it be treated like one. Kalshi is riskier and shouldn’t be viewed as a sure way to grow your money over a long period.
Get $20 free when you sign up and deposit with Kalshi right here.
