Online brokerage Robinhood Markets (HOOD) has launched a new prediction market for professional and college-level football games.
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The new predictions market is being launched ahead of the new NFL football season and comes as Robinhood tries to capitalize on the popularity of sports betting in the U.S. Going forward, people will be able to trade on the outcomes of NFL and college football games using the Robinhood app. Robinhood said the games would include regular season NFL match-ups and all college Power Four games.
“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,” said the company in a news release announcing the new offering.
Sports Betting
Sports betting is increasingly popular in America as a growing number of states legalize the practice. Earlier this year, a record $1.39 billion was wagered on the Super Bowl. Robinhood Markets is aggressively expanding its predictions market as it pushes further into sports betting.
Robinhood said it expects the football predictions market to be tradable every day between 8 a.m. and 3 a.m. New York time. Since first unveiling its predictions market at the end of 2024, Robinhood said it’s seen more than two billion contracts traded. HOOD stock has risen 197% this year.
Is HOOD Stock a Buy?
The stock of Robinhood Markets has a consensus Moderate Buy rating among 20 Wall Street analysts. That rating is based on 14 Buy, five Hold, and one Sell recommendations issued in the last three months. The average HOOD price target of $108.79 implies 1.73% downside from current levels.
