Interactive Brokers has its sights set on the gambling market for elections. However, legal hurdles are keeping these betting plans on the sidelines as appeals courts weigh in on the Commodity Futures Trading Commission's (CFTC) arguments.

Interactive Brokers founder Thomas Peterffy joins Market Domination to highlight the odds of forecast contracts beginning to trade before the election.

Looking beyond the 2024 US elections, Peterffy says “the platform's purpose is really to lease contracts on forecasting, economic, and climate indicators because that is going to be the long-term essence of this platform.”

However, Interactive Brokers isn’t the only one trying to make a move into a market where investors can bet on presidential elections. Peterffy lays out the firms' two competitive advantages, one of them being the pay interest on its forecast contracts.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Ivana Freitas.