Schwab Considering Prediction Markets Tied to Finance Events (1)

Charles Schwab Corp. is likely to launch prediction markets linked to financial events as competitors including Robinhood Markets Inc. expand their presence in the space.

Schwab is “taking a hard look” at prediction markets, Chief Executive Officer Rick Wurster said on a conference call Thursday, but would stay away from allowing customers to place wagers on sports or pop culture given the firm’s focus on building clients’ long-term wealth.

Rick Wurster

Photographer: Desiree Rios/Bloomberg

“Prediction markets that are not aligned to that are not something we want to pursue,” Wurster said on the call with analysts to discuss first-quarter results.

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