Robinhood CEO Vlad Tenev revealed the brokerage firm is exploring a potential expansion into sports betting, citing its cultural relevance and customer interest. Speaking at Robinhood's first investor day, Tenev suggested Robinhood might enter sports betting through event contracts similar to those launched before the presidential election. These markets allow users to trade with each other instead of betting against the house. Shares of Penn Entertainment, Flutter, and DraftKings briefly dipped following the announcement but ended the session with mixed results. Robinhood's stock climbed over 3% on Wednesday.