Pittsburgh Steelers’ No. 88 Pat Friarmus runs the ball during the fourth quarter of the 2025 NFL game against the Miami Dolphins at Acresure Stadium in Pittsburgh, Pennsylvania on December 15, 2025.
Lauren Lee Barcho | Getty Images
robin hood is enhancing the capabilities of its fastest-growing product, prediction markets, by offering users the ability to place essential parlay bets on multiple NFL games, putting it in direct competition with traditional sportsbooks.
Starting Tuesday, users will be able to trade preset combinations of outcomes, totals and spreads for individual NFL games, and starting in early 2026, users will be able to create custom combos of up to 10 outcomes across NFL games. JB McKenzie, Robinhood’s vice president and general manager of futures and international, told CNBC that they will have a “structural look and feel of a parlay.”
Additionally, the company allows users to bet on the performance of individual NFL players in real time. For example, you can place a prop bet on a specific player scoring a touchdown at any point in the game, or on a player’s passing, receiving, or rushing yards.
“This was a great opportunity for us to really be a leader in this space, and that’s what we strive for,” McKenzie said. “The enhancements here are an example of that, as we look to build new customer experiences that provide easier and, in some cases, more advanced order types and trading capabilities to meet the needs of our customers.”
The new feature was announced at the company’s Robinhood Presents: YES/NO keynote event at the Summit Skywalker Ranch in Nicasio, California, outside San Francisco.
Robinhood says the parlay feature could expand beyond the NFL in the future. The broker is also exploring opportunities to allow combos across different event categories, including non-sports categories such as economic data.
Holding events other than sports
“Over time, the question will be, ‘Are we interested in combining different classes of assets?'” McKenzie said, citing “things related to climate and elections” as examples. “I have no doubt that all sporting events will be watched, and I think domestic and international policy will also be watched, as well as national and international economic data.”
Robinhood’s involvement in prediction markets began just before the 2024 presidential election, allowing users to trade contracts for former Vice President Kamala Harris and President Donald Trump.
Just over a year after partnering with ForecastEx on election trading, the company is only expanding its presence in the prediction market ecosystem. This year, it partnered with Karshi, a prediction market operator. Most recently, in November, the company announced a joint venture with Susquehanna International Group.
Robinhood is seeing the fruits of its labor. Prediction Markets as a business already generates $100 million in annual revenue, with over 1 million customers trading 11 billion contracts. Based on October numbers, the company is on pace to grow into a $300 million business.
November was the biggest month ever with more than 3 billion transactions, an increase of about 20% from October. The number of contracts traded in the month was 2.5 billion, which is higher than the total of 2.3 billion in the third quarter of this year.
“I actually think we’re at the beginning of what this is really going to be,” McKenzie said. “I think we’ll continue to see not just events, but also the expansion of new asset classes that people can continue to trade.”
Gen Z Schwab
Earlier this year, Piper Sandler said Robinhood’s prediction markets business presents a “significant” growth opportunity for the company, and Robinhood is not alone in its optimism.
Mizuho analyst Dan Dreb said Robinhood users’ strong desire to interact with prediction markets has brought “a lot of positives.” A recent study found that users of Robinhood and Coinbase (separate platforms) are approximately nine times more likely to participate in prediction markets than non-users.
“They’re going after a user base that’s already inclined to participate in prediction markets,” he said in an interview with CNBC. “Over time, they will become something like a hub for prediction markets.”
Dolev said Robinhood’s entry into prediction markets was a key reason why the stock soared an incredible 220% in 2025.
Food, from the beginning of the year to now
However, analysts emphasized that the company should focus on more than just prediction markets. By getting involved in other areas, such as retirement, he predicts Robinhood will eventually become “the new Schwab for Gen Z.”
To put this into perspective, Robinhood had $193 billion in assets under custody for all of 2024. Charles Schwab’s Total customer assets for the same period were $10.1 trillion.
“Predictive marks are one aspect,” he continued. “They patrol every aspect of someone’s financial life.”
KeyBanc Capital Markets analyst Alex Markgraf agrees. He said many of the company’s other initiatives, such as its advisory business and its high-demand gold card, are in the “early stages of expansion.”
“In the near term,[prediction markets]is certainly an area where we can expect some significant growth contributions based on the clear demand for event contracts across consumer retail transactions,” he told CNBC. “Nonetheless, in our opinion, there are multiple sources of growth.”
