Robinhood's chief brokerage officer on its prediction markets bet

Kelly Evans (Anchor) 00:00.110

steve do you talk NFL parlays now is that is that going to be part of the job welcome

Steve Quirk (Chief Brokerage Officer) 00:05.750

thank you i appreciate it being here kelly yeah i think we we talk about like we have over fifteen hundred contracts across a variety of of economic indicators political elections you know whether cultural indicators so so i think

Steve Quirk (Chief Brokerage Officer) 00:25.400

sports of course is a big a big component of it but we you know the way we're looking at this and the way that we're seeing the growth of this is really i think there's so many other places where this is going to go and it's going to be allow people to be a little have a little

Steve Quirk (Chief Brokerage Officer) 00:41.710

more precision in in what they in in what they want to put their investment thesis on and protect a portfolio right hedge themselves or even speculate

Kelly Evans (Anchor) 00:50.870

do you want to hedge against you know your your day trade with the NFL parlay or something like that i'm just teasing but i what i think is is interesting from a user point of view and i haven't done this myself you have to tell me if i'm thinking through this correctly would

Kelly Evans (Anchor) 01:03.030

you you know i might be in the in the app already so i can go place a that i might not have placed otherwise otherwise if i'm gonna go use draftkings or whatever you have you are you giving me better a bigger paid day are you giving me better pricing you know you obviously have

Kelly Evans (Anchor) 01:16.870

to compete against them on something well

Steve Quirk (Chief Brokerage Officer) 01:19.830

i would say there's a couple major differences if we're just looking at the sports component of it the first major difference is we're not the book all we're doing is matching customers with each other and so you know there's no benefit we want everybody to be successful we're

Steve Quirk (Chief Brokerage Officer) 01:37.190

not benefiting by having people not be successful that's a big difference in the way that we do it and we do what we do across every asset class which is try and create the best experience and drive the margins down so that the customer can have more in the way of returns yeah

Kelly Evans (Anchor) 01:56.150

do you think that yeah go ahead no

Steve Quirk (Chief Brokerage Officer) 01:58.910

so to answer your question like a good a good way to think about it at least and this one 's outside of sports from a utility standpoint would be our entry point into into the prediction market which was the election and here's the scenario which many customers had i'm not sure

Steve Quirk (Chief Brokerage Officer) 02:17.070

who's going to win the election but i it's going to impact my portfolio now i have to parse through every segment of my portfolio and say is crypto going to be a winner or evie is going to be a winner consumer staples going to be a winner as opposed to trying to do that and then

Steve Quirk (Chief Brokerage Officer) 02:32.350

hedge myself accordingly or take an opportunistic approach i can just express my opinion on the election right and and cover myself so it that that kind of utility think about that across the span of everything that you're investing in it becomes really powerful even you know is

Steve Quirk (Chief Brokerage Officer) 02:48.750

the fed going to is the fed going to lower it three times next year that's going to have a big impact on the market sure i can just express my opinion on that

Kelly Evans (Anchor) 02:57.470

i love the prediction markets because in the news business it's just a tangible way to summarize kind of the the current guessing game basically and sometimes people have inside you can you want that to to show up in the markets anyway so just going back to the sports betting

Kelly Evans (Anchor) 03:11.830

for instance do you think the people will get better odds or have a substantially different experience on the platform or are you saying that you're just going to kind of match what they might get elsewhere

Steve Quirk (Chief Brokerage Officer) 03:22.070

i mean the economics are slightly different you know again i don't i can't say with precision of of you know that we're better you know we're giving better odds than any any of the others but we're we're very competitive we try to be very competitive and deliver the best margins

Steve Quirk (Chief Brokerage Officer) 03:38.070

and and experience for customers across every asset class so it's not dissimilar here steve

Kelly Evans (Anchor) 03:43.270

we got to go most popular ticker or thing on your platform right now is

Steve Quirk (Chief Brokerage Officer) 03:47.920

all the most popular i think it's probably probably amazon

Kelly Evans (Anchor) 03:53.400

wow wow interesting laying bets for twenty twenty six on a stock that's been sort of flattered