- Chief Executive Vlad Tenev indicated that a move into sports could take the form of event contracts, like the ones the firm launched right before the presidential election.
- Shares of Penn Entertainment, Flutter and Draft Kings all moved lower shortly after Tenev made the comments, but the changes were modest.
Robinhood CEO Vlad Tenev said Wednesday that the brokerage firm is considering expanding into sports betting in some way.
"We're keenly looking into that space. Nothing to announce just yet, but it's so important to our customers and in culture that we're excited about it," Tenev said at Robinhood's inaugural investor day event.
Tenev indicated that a move into sports could take the form of event contracts, like the ones the firm launched right before the presidential election. Those markets, which let users buy and sell from each other, are different than traditional sportsbooks where all bets are made against the house.
Shares of Penn Entertainment, Flutter and Draft Kings briefly moved lower shortly after Tenev made the comments, but the changes were modest. Shares of Flutter finished with a loss of 1.6% for the session, while Penn and Draft Kings closed up 1.9% and 1.8%, respectively, on the day.
Robinhood's stock rose 3.5% on Wednesday.
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