Robinhood Relaunches Sports Event Contracts with March Madness Focus
Robinhood has announced its return to sports event contract markets, offering prediction trading for all March Madness tournament games through its app platform, available to its 25 million customers.
March Madness basketball game action
The prediction markets hub will operate through a partnership with KalshiEX LLC, a CFTC-regulated exchange. Users can purchase contracts for NCAA matchups, including championship games, earning $1 for each correct prediction. Trading hours will run from 8 a.m. to 3 a.m. daily, with users able to close positions anytime before game completion.
This move marks Robinhood's second attempt at sports event trading. Their previous venture with Super Bowl contracts in February 2025 lasted only one day before the CFTC requested its cessation.
JB Mackenzie, VP & GM of Futures and International at Robinhood, emphasized the company's belief in prediction markets' importance at the intersection of news, economics, politics, sports, and culture. The company has committed to operating in compliance with existing regulations.
The announcement comes strategically timed, just before the men's NCAA tournament's "First Four" begins. Despite the previous setback with the CFTC during the Super Bowl offering, Robinhood remains confident in its ability to provide these services while adhering to regulatory requirements.
The platform's return to sports event contracts demonstrates Robinhood's continued commitment to expanding its financial product offerings, despite previous regulatory challenges. The company maintains regular communication with the CFTC and advocates for balanced regulation in futures and derivatives markets.