Short answer: yes. Robinhood's Prediction Markets hub isn't a sportsbook — it's a brokered front-end onto ForecastEx, which is a CFTC-regulated Designated Contract Market (DCM). That puts it in the same federal bucket as Kalshi, so Texans 21+ can legally trade it from anywhere in the state.
Why it's legal in Texas
Texas Penal Code §47 governs gambling at the state level. It doesn't reach federally regulated derivatives. The CFTC (under the Commodity Exchange Act) preempts state law for products traded on a DCM. Robinhood's event contracts are DCM-listed on ForecastEx, so they're regulated the same way corn futures are — a federal product, not a state gambling product.
Robinhood vs Kalshi
| Robinhood | Kalshi | |
|---|---|---|
| Regulator | CFTC (via ForecastEx DCM) | CFTC (self-listed DCM) |
| Legal in Texas | ✅ Yes | ✅ Yes |
| Age minimum | 21+ for sports contracts | 18+ (21+ for sports) |
| Market menu | Sports, headline econ/politics | Sports + politics + weather + econ + culture |
| Fees | Per-contract, disclosed on ticket | Scaled, ~0.7% peak one-way |
| Tax doc | Consolidated 1099 | Standalone 1099 |
Who should pick Robinhood?
- You already have a Robinhood account. No new KYC, no new bank link.
- You mostly want NFL, NBA, or a couple of election markets. That's Robinhood's core menu.
- You want event contracts alongside your stocks on one 1099. Simpler tax paperwork.
Who should pick Kalshi instead?
- You want weather, economics, or culture markets Robinhood doesn't list.
- You want the deepest sports order books outside of Polymarket.
- You want a native prediction-market UI instead of a brokerage tab.
Kalshi lists every category Robinhood does, plus weather, politics, culture, and macro — same federal legal status in Texas.
Related: Is Kalshi legal in Texas? · How does Kalshi work? · Prediction markets legality — full guide