Robinhood Launches Parlay-Style ‘Custom Combos’ as NFL Playoffs Drive Prediction Market Volume
Robinhood has announced that users of its sports prediction markets platform can now create parlay-style “custom combo” contracts. The January 16 reveal shows that multi-legs are possible through winners, totals, and player performance markets.
Robinhood and its prediction market competitors maintain that their contracts differ from those in traditional sports betting. That’s why a Robinhood spokesperson told Decrypt that the “Custom Combos” are “conceptually” similar to parlays, but the way the contracts function is entirely different.
The spokesperson said the key difference lies in how the odds are set. Traditional sportsbooks set parlay odds independently. In contrast, it’s the users on Robinhood who dictate payouts by taking the other side of the contract. The prices are determined by market activity rather than by a centralized bookmaker.
Robinhood had already signaled the rollout of combo wagers. CEO Vlad Tenev revealed in mid-December that the company planned to feature this type of contract in the new year.
Robinhood’s Senior Director of Futures and Prediction Markets also said the company will consider offering combination contracts beyond sports. This would let users combine outcomes across economics, weather, and culture.
Just in Time for the NFL Season Conclusion
Robinhood will initially offer “Custom Combos” of up to ten selections on NFL games. The business end of the season is heating up, with just three games remaining.
The Denver Broncos take on the New England Patriots on January 25 in the AFC Championship Game. Then the Seattle Seahawks will battle it out with the Los Angeles Rams later that night in the NFC Championship decider to see who will progress to the Super Bowl.
The NFL season is the busiest time of the year for sportsbooks. The American Gaming Association (AGA) estimated in August that US bettors would legally wager $30 billion on the 2025 NFL season.
Trading volume on prediction markets has exploded since the season began in August. Kalshi saw a record $702 million in trading volume across NFL-related markets last week, including more than $100 million for a single game.
A Lucrative Bet Type
Robinhood’s “Custom Combos” aren’t something new to the world of prediction markets. Many rivals have already launched similar products in recent months.
Kalshi launched its customizable combo contracts to all users in December after testing them out on a limited basis for several months. CEO Tarek Mansour revealed in a LinkedIn post shortly afterward that these combo bets attracted over $100 million in volume in a single week.
Crypto.com launched its “Combos” option earlier this month, while Polymarket offers preset parlays but doesn’t yet offer customizable parlays.
Traditional sportsbooks make significant margins on combination bets, which is why prediction market platforms are now aggressively moving into the segment.
Talking to Gambling Insider, professional bettor Adam Robinson said that the average parlay bettor could realize this year that they can “get a better price on Kalshi or Polymarket for their combo” than on traditional sportsbooks.
As prediction markets continue to expand beyond single-event contracts, traditional sportsbooks will be watching trading volumes uneasily. The competitive and regulatory boundaries between sportsbooks and prediction markets continue to blur.
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