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  1. #1
    The Buzz's Avatar
    The Buzz is offline GPWA Gossip Hound
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    Default Robinhood considering move into sports betting

    Robinhood's CEO, Vlad Tenev, revealed on Wednesday that the company is exploring a potential expansion into the sports betting market. While no official plans have been announced, Tenev expressed enthusiasm for the idea, citing its significance to Robinhood's customers and its cultural relevance.

    He hinted that their approach might involve event contracts, similar to those offered during the recent presidential election. These contracts allow users to trade amongst themselves, contrasting with traditional sportsbooks where bets are placed against the house.

    Robinhood is a financial services company that offers an online trading platform primarily known for its commission-free trading of stocks, ETFs, and options.

    From CNBC:

    The sports betting talk comes after Robinhood’s launch of event contracts ahead of the 2024 presidential election, which saw strong traction. Robinhood said more than 400 million contracts were traded by over 500,000 Robinhood users.

    Prediction markets, which let participants buy and sell contracts to each other, are different than sportsbooks that offer betting odds against the house. Robinhood would need to get approval from the Commodity Futures Trading Commission (CFTC) before it would be allowed to offer traditional sportsbook betting odds.

    In a CNBC interview on “Squawk Box” Thursday morning, Tenev clarified his comments on sports betting. The Robinhood CEO explained that he believes his comments were “taken a little bit out of context,” although he didn’t rule out a swift move into the space.

    “I wouldn’t expect us to launch sports betting soon. But I also wouldn’t rule it out,” Tenev said.
    Read more here: https://www.cnbc.com/2024/12/04/robi...enev-says.html

  2. #2
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    ttt
    ttt is offline Private Member
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    Just remember, Amazon started off like a bookstore and now you see what they became after deciding to break the borders of what they should and should not do. Conservative thinking in these days = death. Just look at Gamestop as RobinHood became famouse with this one
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  3. #3
    khavrylenko is offline Non-sponsor Affiliate Program
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    Robinhood moving into sports betting is interesting especially with their event contracts. I guess it’s not happening anytime soon, but with the success of their election contracts, they’re clearly exploring new options, willl be fun to see where this goes

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