Robinhood is dead set on becoming the ultimate one-stop shop for finance… or, at this point, legalized gambling with a side of stock trading. Want to buy Palantir stock at all-time highs? Probably a terrible idea, but hey, who am I to stop you… check. Want to YOLO some Nvidia call options on the Deepseek news? Another high-risk, high-regret move… check. Need more Ethereum because, obviously, it has to go up eventually? Check. Want to bet on the presidential election? Check.
And now, because Robinhood never met a questionable financial product it didn’t love, you can even bet on the Super Bowl. (Next up will be wagering on whether your DoorDash driver will actually leave your food on your porch instead of taking a "sample" first.)
Robinhood just announced the launch of event contracts for Super Bowl LIX, letting users place bets (I mean, trades) on whether the Kansas City Chiefs or the Philadelphia Eagles will win. This comes hot on the heels of their wildly successful presidential election contracts, where 500 million trades were placed by users attempting to profit off democracy itself. (Ah yes, America… where you can bet on a free and fair election while questioning if it was a free and fair election.) Naturally, Robinhood saw this success and thought, What’s next? Super Bowl betting? If you already lost money buying Palantir at the top, why not hedge your losses with a long shot on Mahomes throwing for 300 yards? (Especially if you believe the conspiracy theory that Taylor Swift is in on some deep-state Chiefs propaganda campaign.)
CEO Vlad Tenev has been working overtime to make Robinhood the Swiss Army knife of finance… except instead of a corkscrew and a knife, it comes with a leveraged ETF and an existential betting addiction crisis. Whether it’s trading stocks, buying crypto at the worst possible moment, or now, betting on sports outcomes, Robinhood is making sure that if there’s a market for something, they will slap a contract on it and let users bet. Elections? Super Bowl? Earnings reports? Who’s next to get canceled on Twitter? (you have to admit that would be so much fun).
To be clear, this isn’t "sports betting" in the traditional sense… at least not how DraftKings and FanDuel operate. Robinhood’s event contracts function more like derivatives, where users speculate on binary outcomes. But I bet (get it) DraftKings and FanDuel are pooping their pants seeing all of this take place. JPMorgan analyst Ken Worthington summed it up best… Robinhood has successfully evolved from a meme-stock casino into something that kind of resembles a legitimate financial institution. The company projects that its futures trading division alone could become a nine-figure business, and with its rapid expansion, Tenev believes Robinhood’s overall business could increase tenfold over the next decade.
And if you think Robinhood is done, think again. Tenev has already hinted at more event-driven contracts coming soon. Bets on the next Fed rate hike sending the market into a tailspin? Trades on whether Elon Musk tweets something that wipes $50 billion off Tesla’s market cap? Contracts on which CEO gets roasted in Congress next? At this rate, if you want to bet on it… Vlad will give it to you like a drug dealer gives meth heads drugs.
Robinhood’s push into event contracts is both genius and mildly horrifying. On one hand, betting on market-moving events is a natural next step for a platform built on volatility and chaos. On the other hand, giving retail traders yet another way to turn their cash into smoke might not be the most consumer-friendly innovation. (But hey, that’s capitalism, baby… where you can gamble away your future while getting hit with a risk disclosure popup.) Now, if you’ll excuse me, I need to hedge my Super Bowl bet with a straddle on the next Fed meeting. (Jerome Powell, don’t let me down.)
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Stock.News has positions in Robinhood and Tesla.
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