Online stocks and crypto trading platform may launch controversial move into sports betting.
During the company’s first investor day event, CEO Vlad Tenev confirmed that Robinhood is considering expanding into sports betting through event contracts. Following this news, the company’s stock rose by 3.5%.
Event contracts offer the opportunity to make yes or no predictions about upcoming events and buy stocks in that prediction. You can only back one side of a prediction. For example, you could have wagered on Donald Trump to win last month's election. The system would work the same if Robinhood applied it to sports betting. Bettors could buy predictions in the Kansas City Chiefs to win a game against the Los Angeles Chargers and win $1 for every stock bought if correct.wagers over $1 million through platforms like Kalshi and Polymarket. During the election period, Kalshi and Polymarket surged to theConsidering how many bettors enjoyed these markets for the U.S.
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