Robinhood had a busy Tuesday as it announced it will offer NFL and college football predictions while suing gaming regulators in Nevada and New Jersey.
Contracts for the first two weeks of both college football and NFL betting will launch “in the coming days,” Robinhood said. The markets are offered through a partnership with Kalshi, which just expanded its own football predictions to include touchdown props, spreads and totals.
Robinhood also sued gaming regulators in Nevada and New Jersey over the cease-and-desist letters that both sent in response to the platform’s announcement from earlier this year that it would launch sports predictions.
Kalshi has already won preliminary relief against both regulators.
Robinhood reactivates both states
Both court filings note that sports predictions are once again available in both Nevada and New Jersey and now seeks protection:
“Given the Board’s refusal to acknowledge what this Court has already held – that its threatened enforcement of state law is likely preempted by federal law – Robinhood had no choice but to file this lawsuit to protect its customers and its business Robinhood respectfully requests that this Court enjoin Defendants from enforcing preempted Nevada law against Robinhood for its facilitation of transactions involving sports-related event contracts,” the Nevada complaint reads, with similar language in the NJ complaint.
The retail stock trading platform currently offers predictions across multiple sports, including who will win the MLB World Series and predictions on soccer games.
Wants to be one-stop investing shop
Adding football predictions is the next step in Robinhood’s hopes of becoming an all-in-one trading platform.
“Football is far and away the most popular sport in America,” said JB Mackenzie, VP & GM of futures and international at Robinhood. “Adding pro and college football to our prediction markets hub is a no-brainer for us as we aim to make Robinhood a one-stop shop for all your investing and trading needs.”
