Mentioned:
Robinhood has a new ambition: betting on professional football.
What’s happening:
- Robinhood (NASDAQ: HOOD) is launching a new event contracts to allow users to be able to bet on the outcome of NFL football games directly within the Robinhood app
Why it matters:
- This is the first time ever that Robinhood has ventured into offering regulated event contracts for NFL games
Going deeper:
- Robinhood users will be able to bet on the outcome of games, point spreads, touchdown statistics and other types of wagers which are structured as financial derivatives
- The new launch of NFL football game event contracts is part of Robinhood’s larger push into prediction markets through their partnership with highly popular American prediction market Kalshi
The intrigue:
- Kalshi has been making major waves in the private markets lately, including recently raising $185M USD in a Series C financing round led by crypto venture fund Paradigm
