Popular financial trading platform Robinhood is considering moving into sports betting. CEO Vlad Tenev revealed on Wednesday how the California-based company could start offering event-based contracts to allow users to try to predict outcomes, similar to the product it offered ahead of the recent US presidential election.
over 500,000 funded accounts traded these contracts the week before the election
In that product, users could buy and sell contracts on a Donald Trump or Kamala Harris victory. Only US customers with Level 2 or 3 option accounts were eligible and over 500,000 funded accounts traded these contracts the week before the election, showcasing the demand.
Tenev was speaking at the company’s first investor day event when he remarked how the team is “keenly looking into” the betting space as it knows how many of its customers engage in wagering.