Robinhood: Stock Rally Thanks to Billions Boom in Event Betting

The stock of Robinhood surged yesterday by around 12% to a new all-time high. The trigger was the announcement of rapid growth in the event betting business – a segment that has quickly become a key growth driver. Billions in volume surprise investors Robinhood announced that over 2 billion event betting contracts were signed in the third quarter alone. Since its launch, the trading volume has now surpassed more than 4 billion contracts. This scale has caught the attention of many investors: Bets are no longer an exotic niche product but...