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## Robinhood Joins the Prediction Market Space Right Before March Madness
### Main Points:
* The Robinhood trading platform is introducing a fresh prediction market center, plunging directly into the event contract industry.
* Robinhood users will soon have the ability to trade on the results of March Madness.
* This past February, Robinhood halted trading on the Super Bowl due to inquiries from the Commodity Futures Trading Commission (CFTC).
March Madness is about to commence, and the Robinhood Markets (HOOD) online trading platform is joining the excitement.
The firm states that the center will initially provide trading on the results of the forthcoming men’s and women’s college basketball tournaments, along with the target upper limit of the federal funds rate in May, via KalshiEX, an exchange overseen by the Commodity Futures Trading Commission, accessible across the country.
Robinhood indicates that the contracts will be available to all qualifying clients in the coming days.
This signifies Robinhood’s second endeavor in just over a month to participate in the sports event contract sector. On February 3, the firm declared it would permit users to acquire event contracts forecasting which team would triumph in the Super Bowl, but halted trading just a day afterward at the request of the CFTC.
The firm stated on Monday that it would introduce a prediction market center directly within the Robinhood app, providing clients with the chance to trade the results of some of the world’s most significant events.
Robinhood introduced event contracts pertaining to the US presidential election last autumn.
This time, Robinhood emphasized that it has maintained close communication with the CFTC over the past several weeks and anticipates continuing to collaborate with them to encourage innovation in the futures, derivatives, and cryptocurrency markets. Novo Nordisk shares are increasing!
Robinhood shares increased by 9% in after-hours trading on Monday.
