Robinhood distances sports sponsorships strategy from prediction markets

Robinhood’s growing sports marketing presence is not part of a broader play to bring fans to its sports prediction markets, the brokerage says as its sponsored NASCAR and NBA teams have been part of historic performances this year. 

“Our sports partnerships are focused on building brand awareness and connecting with highly engaged communities in authentic ways. They are not designed to drive engagement with any specific product,” said Carley Olivas, Robinhood’s senior director of brand strategy and operations. “We see prediction markets as a separate, evolving offering, and we continue to evaluate and build responsibly with all stakeholders in mind.”

Robinhood is in the second year of its sponsorship with 23XI Racing, the NASCAR team owned by NBA legend Michael Jordan. In March, 23XI’s Tyler Reddick became the first driver in NASCAR history to win the opening three races of a Cup Series season, including his Daytona 500 victory. 23XI currently leads the team standings for the Cup Series season, with drivers Bubba Wallace and Corey Heim racing cars sponsored by Robinhood.

“NASCAR’s dedicated fanbase presents an opportunity to connect with millions of potential investors and bring financial education to a wider audience,” said Olivas. “This partnership also enables us to expand from regional partnerships to a national team partnership, helping us connect with an even broader audience in a meaningful way.”

Robinhood declined to share specific metrics on sponsorship impact or user engagement data tied to its sports marketing partnerships. The company began signing sports industry sponsorships in 2023, two years before it debuted prediction markets. 

Robinhood is also in its second season as the jersey patch sponsor for the Miami Heat, whose Bam Adebayo scored 83 points for the second-most ever in an NBA game, moving him in front of Kobe Bryant and behind only Wilt Chamberlain’s 100-point game in 1962. Adebayo’s historic performance on March 10 came against the Washington Wizards, who also have Robinhood as their jersey patch sponsor. 

"As we expand our reach beyond traditional finance and tech industries, we’ll continue to evaluate strategic opportunities in sports that align with our mission of accessibility, education, and financial empowerment," said Olivas.

Robinhood introduced prediction markets in March 2025 via its partnership with Kalshi. Prediction markets span trading on outcomes of various global news and events, including sports, politics, and finance. Robinhood’s prediction markets homepage currently leads with featured trading on NBA, college basketball, MLB, NHL, tennis and other sports.

JPMorgan Chase CEO Jamie Dimon said this week that his bank could offer prediction market services to investors, but added “we're not gonna be in sports. We're not gonna be in politics.” A similar stance has been held by Schwab CEO Rick Wurster, who said he sees value in letting client investors predict inflation reports, unemployment and other economic indicators. 

Sports leagues are becoming increasingly intertwined with prediction markets. MLB recently partnered with Polymarket, while the NFL has sent a letter to Kalshi and Polymarket asking them to stop offering trades on certain events prone to manipulation or insider trading.