Stock trading app Robinhood says it will take wagers on the Super Bowl in all 50 states this week, using the same event contracts approach that it took to allow Americans to bet on the presidential election last year.
The contracts will allow eligible Robinhood account holders to use the app to trade around the prediction of “who will win” the game, with prices varying as the market develops throughout the week, similarly to sports betting odds.
The company said it will allow trading daily from 8am-3am ET, beginning today. It said NFL players would be prohibited from trading.
The company has argued that event derivatives such as the presidential markets it offered in November and the Super Bowl offer it will roll out this week are regulated financial markets, and thus not subject to gambling laws and regulations.
