Kalshi Partners with Robinhood for Super Bowl LIX Event Contracts
Robinhood has announced that it will offer event contracts for the Super Bowl LIX in collaboration with Kalshi. This way, people will be able to trade on the outcome of Sunday’s game between the Kansas City Chiefs and Philadelphia Eagles.
LISTEN TO THIS ARTICLE:In a press release, Robinhood spoke of the potential of event contracts to bridge the gap between financial markets, news, sports, and entertainment. The brokerage said that these contracts “leverage the power and rigor of the financial market structure to facilitate greater liquidity, transparency, and price discovery.” Furthermore, the agreement with Kalshi ensures the contracts will be available in all 50 states.
Kalshi’s Efforts to Offer Super Bowl Contracts
Kalshi has been working to bring Super Bowl-related event contracts to the public. Last month, the platform filed paperwork with the Commodity Futures Trading Commission (CFTC) to self-certify sports event contracts for wagering.
The deal hugely expands access to event contracts, as nearly 25 million people have Robinhood accounts. According to the company’s Q3 2024 report, about 11 million of those users engage with the platform on a monthly basis.
Kalshi’s Super Bowl LIX event contract follows a simple format, mirroring a moneyline bet at a sportsbook, traders can wager on which team will win the game. Currently, Kalshi offers four different Super Bowl-related event contracts worth over $4 million, with the winner-based contract accounting for $2.3 million of that total. Trading on Robinhood will be available daily from 8 a.m. to 3 a.m. ET leading up to Sunday’s matchup.
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Potential Disruption to Traditional Sports Betting
By making event contracts available in states where sports betting remains illegal, such as California and Texas, this agreement could disrupt the growing sports betting industry, which saw nearly $150 billion in wagers in 2024.
Robinhood’s partnership with Kalshi also places its event contracts on a more prominent platform than Crypto.com, which filed similar paperwork with the CFTC in early January. The federal agency had begun reviewing Crypto.com’s contracts before the change in presidential administrations, though the platform has continued to offer event trading. It remains unclear whether that review was halted following the transition to President Donald Trump.
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