Robinhood (HOOD) has partnered with Kalshi, a Commodity Futures Trading Commission (CFTC)-regulated and blockchain-based prediction market, to let users trade on the outcomes of NFL and college football games.
The betting market will be available through Robinhood's Prediction Markets Hub, available across the U.S. through Kalshi, the popular trading platform said in a blog post on Wednesday.
"Customers can now trade on the outcomes of the most popular pro and college football games, including all regular season pro matchups, and all college Power 4 schools and independents," according to the post.
Robinhood is positioning the move as an alternative to traditional betting platforms. Rather than routing through sportsbooks, these trades are executed on Kalshi’s federally regulated exchange and treated like commodities, not wagers.
"Unlike sports betting, where the firm sets a line, event contracts leverage the power and rigor of financial market structure and are offered in a marketplace where buyers and sellers interact to set the price," the blog post said.
With this move Robinhood could be coming after some of the traditional betting platforms, such as DraftKings (DKNG) and Fanduel parent Flutter Entertainment (FLUT).
Regulated sports betting
The launch marks Robinhood’s latest move into prediction markets after previously signaling interest in the space.
In March, the company rolled out a broader “Prediction Markets Hub” available through CFTC-regulated exchange Kalshi, following the popularity of crypto-native platforms like Polymarket, where users bet on outcomes ranging from elections to inflation rates using USDC.
While Polymarket operated in a regulatory gray zone in the U.S., it recently said it is preparing an official return to the U.S. through the acquisition of QCX, a regulated derivatives exchange, following a federal investigation into Polymarket's operations that was dropped.
However, Robinhood sidestepped those regulatory concerns by partnering with Kalshi, which is an exchange already licensed by the Commodity Futures Trading Commission. That allows Robinhood to tap into sports, politics and macroeconomic event trading without triggering gambling laws.
Today's news is likely a step into a broader strategy as Robinhood starts with sports betting, one of the most popular betting avenues. "We currently offer contracts across crypto, economics, financials, sports, culture, and more, with others being added regularly," the post said.
"Ultimately, our goal is to enable anyone, anywhere, to trade, invest or hold any financial asset and conduct any financial transaction through Robinhood."
Read more: U.S. Election Betting: Polymarket 'Manipulation' Claims Miss the Mark
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