Robinhood is preparing to roll out personalised sports parlays early next year, part of a broader effort to stay competitive with financial technology platforms that have increasingly incorporated betting-style products.
The company will enable users to create these multi-selection wagers, which have been branded internally as “combos”, by accessing Kalshi’s exchange through a Request for Quote (RFQ) mechanism.
Kalshi was the first exchange to introduce RFQs as a method for constructing bespoke parlays within a regulated prediction market environment.
According to Robinhood’s Senior Director of Futures and Prediction Markets Adam Hickerson, in comments to Bloomberg News, the firm is targeting a launch ahead of the NFL post-season, which begins on 10 January.
Until the custom feature becomes available, customers will be limited to a selection of ready-made parlays, Hickerson said. Separately, Robinhood announced on Tuesday that it has begun offering NFL player proposition bets with immediate effect.
Robinhood’s advantage lies in its scale. Its app already serves tens of millions of users through stock and cryptocurrency trading, providing a ready audience for prediction market products.
The company has described prediction markets as its fastest-growing product line.
Its expansion plans include the proposed acquisition of the exchange LedgerX, a deal expected to close next year. At present, Robinhood operates as a broker for external exchanges, meaning it can only list contracts created elsewhere. Ownership of LedgerX would give it direct control over which markets are offered.
“We haven’t really been able to integrate or even get our feet wet because we’re in that period where we have to wait till everything closes,” Hickerson said. “But one of the things I will say, is that what is most beneficial with having our own exchange is the ability to innovate.”
Bloomberg Intelligence estimates that Robinhood currently generates more than half of Kalshi’s trading volume, although the long-term impact of the acquisition on Kalshi remains unclear.
Custom parlays are popular with bettors because they allow tailored selections and the possibility of outsized returns from small bets.
Through the RFQ process, retail users specify the outcomes they wish to combine, while professional market makers respond with pricing through a separate exchange interface. Quotes are usually delivered almost instantly.
Robinhood is seeking to replicate the engagement levels seen at conventional sportsbooks, where parlays account for more than half of gross gaming revenue. The company also intends to broaden the scope of combo bets beyond sporting events over time.
According to Hickerson, future offerings could allow users to link outcomes across areas such as economics, culture, weather and sports.
As with sportsbooks, these multi-leg wagers typically produce losses for most retail participants. For professional market makers, however, they can be attractive due to reduced pricing competition compared with single-outcome contracts.
