Robinhood considering move into sports betting, CEO Vlad Tenev says

Robinhood CEO Vlad Tenev said Wednesday that brokerage firm is considering expanding into sports betting in some way.

“We’re keenly looking into that space. Nothing to announce just yet, but it’s so important to our customers and in culture that we’re excited about it,” Tenev said at Robinhood’s inaugural investor day event.

Tenev indicated that a move into sports could take the form of event contracts, like the ones the firm launched right before the presidential election. Those markets, which let users buy and sell from each other, are different than traditional sportsbooks where all bets are made against the house.

Shares of Penn Entertainment, Flutter and Draft Kings all moved lower shortly after Tenev made the comments, but the changes were modest. Shares of Flutter were down less than 2% on the session, while Penn and Draft Kings are still positive for the day.

Robinhood’s stock was up more than 2% in afternoon trading.