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Started By
Message
Robinhood opens platform to sports betting
Posted on 11/6/26 at 10:38 am
Posted on 11/6/26 at 10:38 am
LINK
You can now place bets on sports and other various things through Robinhood. It looks similar to Polymarket. What a great way to spend your life savings! What a joke
You can now place bets on sports and other various things through Robinhood. It looks similar to Polymarket. What a great way to spend your life savings! What a joke
This post was edited on 11/6/26 at 10:44 am
Posted on 11/6/26 at 10:39 am to BayMar
Ban it all. Net negative for society.
Posted on 11/6/26 at 10:45 am to BayMar
Penny stocks -> meme stocks -> crypto -> ai stocks -> prediction markets
They are generally just following the next get quick rich scheme. If they are entering the market than the whole prediction market is probably near the top
They are generally just following the next get quick rich scheme. If they are entering the market than the whole prediction market is probably near the top
Posted on 11/6/26 at 11:00 am to BayMar
I continue to use RH for the free match. I will dissuade my kids from using it in the future because of the temptation to get into gambling marketed as an investment.
Posted on 11/6/26 at 11:16 am to BayMar
I talked to "someone" this last weekend that had a new "side hustle."
He was doing sports betting and refered to it as "his investment."
Crying shame.....
He was doing sports betting and refered to it as "his investment."
Crying shame.....
Posted on 11/6/26 at 12:20 pm to ItzMe1972
I wonder if you can use Roth IRA proceeds so that winnings are tax free
Posted on 11/6/26 at 12:24 pm to BayMar
Hope you don't really think you're gonna win long term. Great way to squander your best tax free asset.
Posted on 11/6/26 at 1:06 pm to TorchtheFlyingTiger
I look at it as a hedge against my economic exposure to the saints.
Posted on 11/9/26 at 5:30 pm to BayMar
First, it’s not sports betting. You are buying futures contracts on sports. There is no bookie. No one sets a line. It is purely people trading futures contracts. If you know a sport well, you can see obvious probability dislocations and make some money. It’s no different than trading commodities futures except it’s sports. I’ve been making a killing this season.
Posted on 11/9/26 at 5:46 pm to Drizzt
quote:
First, it’s not sports betting. You are buying futures contracts on sports. There is no bookie.
C'mon dude, it is sports betting. Since when is a bookie required to be considered betting. I bet you the saints will lose next week (no bookie required). It is essentially peer to peer gambling.
quote:
If you know a sport well, you can see obvious probability dislocations and make some money.
That said, you are right that it's not that hard to make money sports betting. Though "knowing sports" really has nothing to do with it. All of the actual legit sports bettors I have met know absolutely zero about sports and just use quant models. It is hard to make 6 figures, but it's not hard to clip bad lines and make 20k a year if you pay for software and are willing to spend considerable amounts of time (and eventually all of the books ban you).
Posted on 11/9/26 at 5:50 pm to BayMar
Not for me. Think most people will lose their arse. Less than 5% will profit over the long term.
Posted on 11/9/26 at 5:54 pm to BayMar
Gambling degenerates infested sports and now they’re coming for finance.
Posted on 11/9/26 at 6:36 pm to TigahsOnTop
quote:
(and eventually all of the books ban you).
This is my whole point. There is no book changing lines to guarantee they make money. It’s peer to peer in that you buy and sell a contract from someone one but it’s not a direct bet anymore than buying a stock is a bet it goes up. And just like stocks, the market sets the price. RH takes a dollar on each contract for profit to settle the contract but have no other financial interest in the process, unlike Vegas or a sports book. You are taking advantage of some people that are either irrationally buying a contract because they are a fan or people that are bad at understanding probability. I lose money on LSU because I’m irrational but every other contract is only about whether it’s a high probability event or not.
This post was edited on 11/9/26 at 6:39 pm
Posted on 11/9/26 at 7:16 pm to Drizzt
quote:
This is my whole point. There is no book changing lines to guarantee they make money. It’s peer to peer in that you buy and sell a contract from someone one but it’s not a direct bet anymore than buying a stock is a bet it goes up.
It is still absolutely a direct bet. It is actually much easier to make money off of the traditional sports books than the peer to peer exchanges. The lines on the exchanges are so damn sharp (because they don't limit!).
You are comparing apples to oranges though because the stock market has growth whereas there is no growth component in a discrete event such as a sports contract. Buying individual stocks is also a bet in many circumstances (but that's neither here nor there).
Posted on 11/9/26 at 8:15 pm to Drizzt
quote:
RH takes a dollar on each contract for profit to settle the contract but have no other financial interest in the process, unlike Vegas or a sports book.
That’s not correct. They also operate a subsidiary company that behaves as a “peer” and plays prediction contracts on its platform.
This post was edited on 11/9/26 at 8:16 pm
Posted on 11/9/26 at 8:32 pm to lsuconnman
What’s the name of the subsidiary?
Posted on 11/9/26 at 8:46 pm to Drizzt
I just looked. Maybe robinhood doesn’t have a subsidiary. On Kalshi they have Kalshi Trading that plays the role. But, I’d be surprised if RH isn’t a carbon copy blueprint.
Posted on 11/9/26 at 8:57 pm to lsuconnman
quote:
I just looked. Maybe robinhood doesn’t have a subsidiary. On Kalshi they have Kalshi Trading that plays the role. But, I’d be surprised if RH isn’t a carbon copy blueprint.
They have a joint venture with SIG that does the market making (believe the entity is called Rothera LLC).
So yes, your point is absolutely valid that Robinhood is making money off the bid/ask spread as well.
Posted on 11/10/26 at 6:58 am to Lazy But Talented
quote:
Ban it all. Net negative for society.
but we must keep porn and weed and social media!
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