Robinhood Launches Sports Betting Prediction Markets

Robinhood, the well-known stock and crypto trading app, has announced the launch of a prediction market for professional and college football, enabling users to bet on game outcomes. In a statement, the company revealed that customers can trade predictions on all regular-season pro games and all college Power 4 schools, as well as independents. This new service will debut in the coming days, just in time for the 2026 seasons of both the NFL and NCAA College Football. JB Mackenzie, VP and GM of Futures and International at Robinhood, emphasized the sport's popularity in the U.S., stating, 'Football is far and away the most popular sport in America. Adding pro and college football to our prediction markets hub is a no-brainer for us as we aim to become a one-stop shop for all your investing and trading needs.' However, in February, Robinhood paused its plans to offer users Super Bowl trades after a warning from the U.S. Commodity Futures Trading Commission (CFTC). Notably, the company was cautious in its references to the NFL and NCAA in the announcement, clarifying that its prediction markets are not endorsed by any professional or collegiate athletic association, team, or government entity. This announcement follows Robinhood's earlier intentions to develop prediction markets focused on politics, economics, and sports, partnering with Kalshi, a platform that allows users to bet on specific events. Kalshi has recently enhanced its capabilities by accepting crypto payments, including Solana, USDC, bitcoin, and WLD. Its growth was notable during the last presidential election when it allowed users to predict various contest outcomes. While some regulators have scrutinized Kalshi, the company maintains strong ties to the White House, indicating a belief in the longevity of election markets. Major U.S. cryptocurrency exchange Coinbase has announced plans to offer prediction market access as well, highlighting the growing interest in this sector. Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a major investor. This article serves informational purposes only and should not be considered legal, tax, or investment advice.