Robinhood Eyes Sports Betting Expansion, Citing Cultural Relevance And Customer Engagement

Benzinga

Robinhood CEO Vlad Tenev revealed the brokerage firm is exploring a potential expansion into sports betting, citing its cultural relevance and customer interest. Speaking at Robinhood's first investor day, Tenev suggested Robinhood might enter sports betting through event contracts similar to those launched before the presidential election. These markets allow users to trade with each other instead of betting against the house. Shares of Penn Entertainment, Flutter, and DraftKings briefly dipped following the announcement but ended the session with mixed results. Robinhood's stock climbed over 3% on Wednesday.

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00:00It's Benzinga bringing Wall Street to Main Street. Robinhood CEO Vlad Tenev revealed that brokerage

00:05firm is exploring a potential expansion into sports betting, citing his cultural reverence

00:11and customer interests. Speaking at Robinhood's first investor day, he suggested Robinhood might

00:16enter sports betting through event contracts similar to those launched before the presidential

00:21election. These markets allow users to trade with each other instead of betting against the house.

00:27Shares of Penn Entertainment, Flutter, and DraftKings briefly dipped following the announcement

00:32but ended the session with mixed results. Robinhood's stock climbed over three percent

00:38on Wednesday. For all things money, visit Benzinga.com slash GSTV.

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