CNBC reports that Robinhood is considering expanding into sports betting according to a statement of the CEO Vlad Tenev during Robinhood’s inaugural investor day event.
Tenev indicated his plans could take the form of event contracts, like the ones Robinhood launched before the US presidential election earlier this year. In reality we are talking about something similar to Polymarket or an exchange, and not the traditional bookmaking style where the house takes the risks.
In recent times we are noticing many indicators showing that many US companies (AAPL) are planing to jump in the gambling world. Let's see!
Robinhood considers moving into sports betting
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Re: Robinhood considers moving into sports betting
All this is done for Americans. Here in Europe we are dipped in the sh.t up to the neck.
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Re: Robinhood considers moving into sports betting
It was just announced that Robinhood is teaming up with Kalshi to allow users to bet on the winner of the Eagles and Chiefs with money in their brokerage accounts. The only accepted bets will be on who will win the game. No other event will be offered.
The two parties are being careful to call this ''event trading'' and not ''betting'' or ''gambling'' though it’s functionally the same thing. It remains to be seen how far this cooperation will go. Kalshi offers a wider range of bets to their clients, mainly focusing on politics.
The two parties are being careful to call this ''event trading'' and not ''betting'' or ''gambling'' though it’s functionally the same thing. It remains to be seen how far this cooperation will go. Kalshi offers a wider range of bets to their clients, mainly focusing on politics.