Robinhood Markets Inc. CEO Vlad Tenev was interviewed by Bloomberg TV on Tuesday, November 29, 2023, in London, England.
Jose Sarmento Matos | Jose Sarmento Matos Bloomberg | Getty Images
Robin Hood CEO Vlad Tenev said Wednesday that the brokerage is considering expanding into sports betting in some way.
“We’re looking at this area eagerly. There’s nothing to announce yet, but it’s important to our customers and our culture and we’re excited about it,” Tenev said at Robinhood’s first Investor Day event.
Tenev said a push into sports could take the form of event contracts, like the one the company launched ahead of the presidential election. These markets allow users to buy and sell to each other, unlike traditional sports betting where all bets are against the house.
shares penn entertainment corp., flutter and king of draft Shares briefly moved lower shortly after Tenev’s comments, but were little changed. Flutter shares closed down 1.6% on the day, while Penn and Draft Kings closed up 1.9% and 1.8% respectively.
Robinhood shares rose 3.5% on Wednesday.
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