CEO Vlad Tenev of Robinhood is considering a move into sports betting.

CEO Vlad Tenev of Robinhood is considering a move into sports betting.
CEO Vlad Tenev of Robinhood is considering a move into sports betting.
  • Vlad Tenev, the Chief Executive, hinted that the company could enter the sports industry through event contracts, similar to those launched prior to the presidential election.
  • After Tenev made his remarks, the shares of Penn Entertainment, Flutter, and Draft Kings experienced slight declines.

Vlad Tenev, CEO of the brokerage firm, stated on Wednesday that they are considering entering the sports betting industry.

Tenev stated at Robinhood's first investor day event that they are closely examining that area and are thrilled about it, although they have not yet made any announcements.

Tenev stated that a foray into sports could manifest as event contracts, similar to those launched by the company prior to the presidential election. Unlike traditional sportsbooks where all bets are placed against the house, these markets allow users to trade with one another.

After Tenev made comments, shares of , and all moved lower, but the changes were modest. Flutter was down less than 2%, while Penn and Draft Kings are still positive for the day.

Robinhood's stock was up more than 2% in afternoon trading.

by Jesse Pound

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