Robinhood (HOOD) is diving into sports mania by launching Super Bowl prediction contracts, allowing U.S. users to bet on who will win the big game. According to Reuters, this move follows the success of Robinhood’s U.S. presidential election contracts, which saw over 500 million trades in just a week. The company is expanding beyond stock trading to attract more retail investors through its derivatives arm.
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Super Bowl Sparks Betting Frenzy
The Kansas City Chiefs will clash with the Philadelphia Eagles on February 9 at New Orleans’ Caesars Superdome. With over 100,000 visitors expected, the Super Bowl is more than just a game—it’s a cultural phenomenon that draws in sports and entertainment stars alike.
Event Contracts Gain Popularity
Event derivatives trading, though risky, has been gaining traction. Robinhood’s strategy leverages this demand, especially after a U.S. court struck down efforts to ban election betting contracts. By tapping into the excitement surrounding iconic events, Robinhood could solidify its place as a leader in innovative retail trading.
Is HOOD a Good Stock to Buy?
Analysts remain optimistic about HOOD stock, with a Strong Buy consensus rating based on 12 Buys and four Holds. Over the past year, HOOD has skyrocketed by more than 375%, and the average HOOD price target of $49.93 implies a downside potential of 0.6% from current levels.
