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Posted (edited)

I wrote about this in the basketball thread but thought maybe discussion here is better. The prediction market on the Robinhood app is awesome because you can buy “shares” and cash out at anytime or let it ride to fulfillment. 

For example, before the playoffs I bought NY Knicks to win the championship at $.02 a share. I bought 5000 shares for $100.

Today the shares are .15 which means I can sell right now and make $650 (net $550) or I can let it ride out to see if they win the championship at which point each share is worth $1.00 ($100 @ 5000 shares @ $.02 invested means a return of $5,000). Or I can sell anytime before to take the risk off the table, etc.

I find it to be a super fun way to gamble as it’s not necessarily all or nothing and the ability to get a 10x-25x return on initial investment is rare outside of crazy parlays 

Anyone else do this?

Edited by Vegas64
Posted

NYK @ $.20 now today so I'm at a 10x return min. I ended up selling off a bit before the game today to get my nut back so it's house money now.

Posted

Yeah I saw you post about this. 

So you can do this in states where gambling is still illegal? 

How easy is it to cash shit out from robinhood?

Posted

Lol yeah I just downloaded it to check - it's not really worth anyone's time. Those ratios are trash. On RH Minny is close to half of OKC. On a book they are like a fifth. 

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