With the explosion of prediction markets across the country since the U.S. presidential election, Robinhood announced on Monday it will venture into sports markets with Sunday's Super Bowl LIX in New Orleans between the defending champion Kansas City Chiefs and the Philadelphia Eagles.
Kalshi 🤝 Robinhood
— Tarek Mansour (@mansourtarek_) February 3, 2025
Today is a big day: Kalshi launches its first broker, Robinhood.
25 million more people now have exposure to our prediction markets. pic.twitter.com/GW2HzU4tJr
Menlo Park (CA)-based Robinhood Markets will be offering new and current customers the opportunity to place trades on the outcome of Sunday’s Super Bowl, as reported by Bloomberg Monday morning.
“With an emerging asset class like event contracts, we recognize an opportunity to better serve our customers as their interests converge across the markets, news, sports and entertainment,” the company said in an official news statement.
All markets became live and available on Monday and will be eligible to customers in all 50 states through the derivatives exchange Kalshi Inc.
Trading times on the Robinhood site will be from 8 a.m. to 3 a.m. ET daily leading up to Sunday's kickoff at 6:30 p.m. ET.
Contract negotiation
There are two event questions being offered in the market: Will Philadelphia (PHI) win the Pro Football Championship or will Kansas City (KC)?
Customers can buy the Yes contract for either of these, but can only own one Yes contract for one. Each contract owned will payout $1 if that contract resolves to Yes. It will payout $0 if not.
This is not the first go-around for Robinhood into events betting as it allowed traders to wager on the outcome of last year's U.S. presidential election.
The company also offer futures trading and index options.
