This isn’t Robinhood’s first foray into the predictions market. In 2024, the broker allowed customers to trade on the outcome of the presidential election. Earlier this year, at the request of the CFTC, Robinhood called off a wider launch of event trading organized around the Super Bowl.

There are plenty of ways to wager money on who will win the NCAA basketball tournaments — now you can make bets in the same place you buy stocks or crypto.

Don't call it sports betting. Robinhood says "there are very clear differences" between sports betting and its event contract business tied to predicting winners of sporting events.