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Robinhood, a known crypto-based company, launched its prediction earlier this week, but soon after its launch, it was under investigation by Massachusetts regulators. According to a report from Reuters, the office of the region’s secretary has issued a subpoena.
The launched prediction enables users to place between real-world events like college basketball tournaments and other such events. Experts see this platform as a launch of the strongest competitor to Polymarket, which is one of the most popular decentralized prediction markets.
Robinhood’s prediction under eyes over marketing strategies
It is crucial to note that the subpoena issued by the regulators of Massachusetts seeks information about the marketing strategy of the Robinhood prediction market and the details of the users of the region involved in betting on college basketball.
While speaking, Bill Galvin said that Robinhood seems to blur the thin line between betting and gambling, and has reportedly integrated sports betting, which is commonly popular among younger generations.
While conversing with Reuters, he quotes, “ This is just another gimmick from a company that’s very good at gimmicks to lure investors away from sound investing.”
Earlier on March 17, Todayq reported that Robinhood launched the prediction market with Kalshi’s alliance. Kalshi is a platform regulated by the Commodity and Futures Trading Commission of the United States.
The stock performance of Robinhood Market Inc.
Until publishing, the stock of Robinhood ( Nasdaq: HOOD) has been trading at $48.38 with a surge of 9.02% in the last trading session, yet a slight decline has been observed in the market before opening on March 25, 2025.
According to data from Google Finance, HOOD stock is up by 18.35% in a week, 5.31% in the monthly time frame, and has grown by over 23% since the beginning of this year.
With back-to-back development and growing penetration of Robinhood in crypto, it is expected to back further growth in the price of HOOD stock; in 52 weeks, its highest traded price was $66.08, and its lowest traded at $13.98.
The press time prices of HOOD stock are above its 20, 50, 100, and 200-day exponential moving average, and its average volume in the past 30 days is 47.31 million.
If the bullishness in prices continues, there are many more chances of spikes, and it is also expected to surpass the annual price target of $68.11. Per technical indicators, the nearest resistance of HOOD stock is $62.41, followed by $67.82 and $76.51.
On the other hand, the initial support of Robinhood is $44.93, followed by $39 and $30.79; its 10-day exponential moving average is $43.44, and the simple moving average of 10 days is $41.18.
