Robinhood, one of the forerunners in the prediction markets space, has unveiled new parlay-style prediction products, allowing users to take their engagement further. The addition of these multi-leg contracts comes as the NFL continues to gain momentum.
Robinhood Invites Players to Make Combo Contracts
In its announcement, Robinhood invited players to start their picks with Pro Football combos. As explained by the company, multi-leg contracts will allow users to combine multiple predictions into a single contract, allowing passionate fans to leverage their understanding of sports to win even bigger.
This type of product mirrors the popular sports betting parlays, which allow bettors to combine multiple wagers into a single, larger stake. However, since event contracts differ from traditional sports betting, the multi-leg contracts will have some notable differences.
According to Robinhood, sportsbooks set parlay odds independently, while multi-leg event contracts, just like other event contracts, have their odds and payout determined by player activity.
This aligns with prediction markets’ broader peer-to-peer approach, where players stake against one another rather than against the house.
Parlays Are All the Rage
As mentioned, the multi-leg contracts will initially allow players to make combined contracts by pairing up to 10 NFL contracts. This comes just in time for the final games of the NFL season and the upcoming Super Bowl.
Additionally, the launch of multi-leg offerings comes amid a growth in the popularity of traditional parlays. For example, sports betting provider Kambi recently noted that its BetBuilder product has experienced a spike in popularity as more and more players have started placing parlay bets rather than single-leg wagers.
The popularity of such offerings hasn’t gone unnoticed by the broader prediction markets sector either. Crypto.com and Kalshi recently launched similar products, with Polymarket already offering certain pre-made parlay contracts.