Event contracts let you take a position on whether a specific outcome will happen. You buy Yes if you think the outcome will occur, or No if you think it won't.

Robinhood offers event contracts through Robinhood Derivatives and its membership with the partnered exchanges regulated by the Commodity Futures Trading Commission (CFTC).

Robinhood event contracts allow for speculation in prediction markets—these are not bets.

An event contract is a financial derivative based on a binary Yes/No outcome. You buy either a Yes contract or a No contract on whether a specific event will happen. If your prediction is correct, the contract settles at $1. If your prediction is wrong, it settles at $0.

Contract prices range from $0.01 to $0.99 and reflect the market's implied probability of the outcome. For example, a contract priced at $0.65 means the market implies roughly a 65% chance the outcome occurs. You can buy and sell contracts before expiration at the current market price.

Event contracts are available across several categories, including sports, politics, weather, commodities, and entertainment.

Robinhood charges $0.01 per contract. Exchanges typically charge an additional $0.01 per contract. The exchange makes its money based on the fee charged to trade the contract. These fees apply to both opening and closing trades and are reflected in your annual statement under Total fees and commissions.

To trade event contracts on Robinhood, you need an approved Robinhood Derivatives account. Before you apply, confirm you meet all of the following requirements:

• Age: You must be 18 or older
• Account type: You must have an individual brokerage account
• Residency: You must be a US resident
• State: Event contracts aren't available in all states

Maryland residents can't trade event contracts. Nevada residents can't open new sports event contracts (as of December 1, 2025). Additional state restrictions may apply. Check the app for the most current list of supported states.

Once you have an open Robinhood individual investing account, you can apply for access in the app:

1. Search for and select Prediction markets
2. Go to any contract’s event detail page
3. Select Yes or No on a contract to go through the onboarding flow
4. Follow the onboarding flow to apply for a Robinhood Derivatives account

If you have applied to trade event contracts multiple times without being approved, or disable event contract trading and then try to re-enable it, a 30-day waiting period may apply before you can apply and have your application reviewed again.

• Yes contract: A contract that pays $1 if the stated outcome occurs
• No contract: A contract that pays $1 if the stated outcome does not occur
• Settlement: The determination of the final outcome and conversion of the contract to cash ($1 or $0 per contract)
• PCO (position closing only): A restriction that allows you to close existing positions but not open new ones
• Threshold: The specific value an outcome must reach (or not reach) for the Yes contract to pay $1
• Instant deposits: Uninvested cash from ACH deposits made available before the transfer clears. Instant deposits aren't available for event contracts.
• Buying power: The amount of settled cash available to purchase new event contracts

Restrictions and eligibility requirements apply. Futures, options on futures, and cleared swaps trading involves significant risk and is not appropriate for everyone. Carefully consider if it's appropriate for you in light of your personal financial circumstances. Displayed prices are based on real-time market sentiment.

Read the Event Contracts Risk Disclosure for more information about the risks associated with event contracts.

Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA). Event contracts are offered by Robinhood Derivatives, LLC through either KalshiEX LLC, ForecastEX, LLC or Rothera Exchange and Clearing LLC.