Vlad Tenev, chief executive officer of Robinhood Markets Inc., in a Bloomberg Television interview on Tuesday, Nov. 29, 2023, in London, UK.
Jose Sarmento Matos | Bloomberg | Getty Images
Robinhood CEO Vlad Tenev said Wednesday that the brokerage firm is considering expanding into sports betting in some way.
“We’re looking hard at that space. There’s nothing to announce yet, but it’s so important to our customers and culture, we’re excited about it,” Tenev said at Robinhood’s inaugural investor day event.
Teneve also suggested that going into sports could take the form of event contracts, similar to what the organization first started Presidential election. Markets that allow users to buy and sell against each other differ from traditional sportsbooks, where all bets are made against the house.
shares Penn Entertainment, blow And Draft Kings Everything moved downward shortly after Tenev commented, but the changes were modest. Flutter’s shares were down less than 2% on the session, but Penn and DraftKings were still positive for the day.
Shares of Robinhood were up more than 2% in afternoon trading.
