Robinhood (HOOD) aims to score a touchdown with its first foray into sports betting. 

The online trading platform ended months of speculation on Monday by saying it would launch event contracts for Super Bowl LIX, allowing customers to place trades on who will win the big game: the Kansas City Chiefs or the Philadelphia Eagles.

The event contracts are eligible starting today. 

While not sports betting in the technical sense, the announcement will likely have the folks over at DraftKings (DKNG) and FanDuel looking over their shoulder.

This comes on the heels of Robinhood debuting event contracts for the presidential election last October. Customers of the platform were able to trade on "who will win the 2024 presidential election." 

Robinhood said on November 5 that 400 million total election contracts were traded on its platform.

"We're going to broaden that [events business out]," Robinhood co-founder and CEO Vlad Tenev told me in a December interview. "There's all kinds of contracts and events that are permissible that we'd want to allow people to trade."

Event contracts are only part of Tenev's efforts to diversify Robinhood beyond just stock trading.

In January, the company debuted futures and index options trading.

The company has since also released Robinhood Legend, billed as a sleeker platform that targets more sophisticated traders. 

Robinhood Legend allows up to eight charts open in a single window and could elevate various technical indicators such as Bollinger Bands.

Robinhood

Meanwhile, June 2024 brought the acquisition of crypto exchange Bitstamp, while it scooped up AI-powered investment research firm Pluto in July. It also took aim at credit players American Express (AXP) and Visa (V) in March with the launch of a credit card that offers 3% cash back.

Tevev tells me his goal is to make Robinhood a one-stop shop for building generational wealth.

Watch: how TD Ameritrade's former CEO sees AI impacting trading

Robinhood's business could grow by 10 times over the next 10 years by widening its product reach, the laid out at a December investor day. The aforementioned futures trading is estimated by the company to be a nine-figure business over time.

"Ultimately, we think Robinhood has made notable progress in legitimizing its operations vs. its primary reliance on meme-stock trading three years prior. In particular, new product development including its credit card, solicitation of active traders, the buildout of its cryptocurrency platform, and the buildout of the derivative trading (including the potential for event-driven products/betting products) over time," JP Morgan analyst Ken Worthington said in a recent client note.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram and on LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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