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Investing.com -- Robinhood Markets (NASDAQ:HOOD) stock rose on Tuesday, while competitors DraftKings (NASDAQ:DKNG) fell 2.4% and Flutter Entertainment (NYSE:FLTR) dropped 1% following Robinhood’s announcement of new pro and college football prediction markets on its platform.
The company has integrated football prediction contracts directly into its app through the Prediction Markets Hub, allowing users to trade on outcomes of professional and college football games. The new offering covers all regular season pro matchups and games for all college Power 4 schools and independents.
"Football is far and away the most popular sport in America," said JB Mackenzie, VP & GM of Futures and International at Robinhood. "Adding pro and college football to our prediction markets hub is a no-brainer for us as we aim to make Robinhood a one-stop shop for all your investing and trading needs."
Unlike traditional sports betting where bookmakers set lines, Robinhood’s event contracts function as financial markets where buyers and sellers interact to determine prices. Users can manage positions in real-time throughout games before contracts expire.
The company noted it has seen more than 2 billion contracts traded on its prediction markets since launching the feature at the end of last year. The football markets are rolling out gradually and will be available to all eligible customers in the coming days, initially offering contracts for the first two weeks of both pro and college seasons.
Robinhood’s prediction markets are offered through Robinhood Derivatives, LLC on a CFTC-regulated exchange and are available across the United States.
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