Robinhood announced on Monday that some users will be able to wager on the outcome of this weekend's Super Bowl clash between the Philadelphia Eagles and Kansas City Chiefs. The new offering, whose current odds give the Chiefs a slight edge to win, represents the popular stock and crypto site's first foray into the world of sports betting. UPDATE: On Tuesday morning, Robinhood announced it was withdrawing the offering following objections by the Commodities an Futures Trading Commission.
While there is no shortage of gambling sites offering bets on the big game, Robinhood is technically offering an "events contract." This is a more dynamic form of speculation because it is not directly informed by odds makers, but by a pool of bettors who are able to buy and sell the contracts on a real-time basis.
