Prediction market Robinhood on Friday announced on social media that it was adding multi-leg parlays to its sports event contracts lineup.
No multi-leg markets had been posted on Monday morning for the AFC and NFC conference championship games between New England and Denver, and the Los Angeles Rams and Seattle, respectively, to be played on Sunday.
InGame has contacted Robinhood for more information on the timing of the posting of these new markets. The parlays, in terms of technology and liquidity, are possible, because of Robinhood’s partnership with Kalshi, which debuted NFL parlay-style combos in the fall.
A video on X touted users’ upcoming ability to build combos “in a few simple moves,” by choosing a game-winner and individual-player-performance category, such as “Anytime TD,” in the typical “yes/no” format, and teasing the spread. All of the legs would be tradeable, according to the video.
Parlays have not not yet become as popular on prediction markets as they are at traditional sportsbooks, where they constitute around 60% of wagers, according to various research, but they are making inroads.
Robinhood follows through on announcement
Robinhood CEO Vlad Tenev announced at an industry event in December that “yes/no” combos put the company “at the very beginning of a prediction market super cycle.” The proclamation was in keeping with his publicly bullish outlook on sports as a boost to the finance-tool/prediction app.
Despite sports event contracts comprising a relatively small percentage of its business initially, Tenev had said in a Q1 earnings call that they remain “an incredibly powerful, nascent asset class.”
Robinhood launched sports events contracts with spreads and game totals on Sept. 18, after previously offering just win markets on college and NFL football.
