(Yahoo! Finance) - Online trading platform Robinhood (HOOD) on Monday said it will allow users to buy event contracts on which team they think will win the "Pro Football Championship" this weekend.
The contracts will allow users to bet on whether they think "Kansas City" or "Philadelphia" will win Sunday's big game. (Official NFL partners refer to the matchup as "Super Bowl LIX" and note the full name of the participants, the Kansas City Chiefs and Philadelphia Eagles.)
Robinhood said users in all 50 states will be able to buy one of two contracts based on their prediction for "who will win." Users only can own the "Yes" contract for one.
"Each contract represents an approximate probability between $0.01 and $0.99, with each cent effectively representing a 1% probability that the event will occur in that market," Robinhood said. "For example, if a contract is priced at 53 cents, this can be interpreted as a 53% probability that it will occur according to that market."
Robinhood previously experimented with event contracts last fall, offering users the chance to trade on the outcome of the presidential election.
Robinhood Markets shares edged higher to $52.10 in recent trading. They have soared roughly 375% over the past 12 months.
By Aaron McDade
