Introducing the Men’s and Women’s College Basketball Tournaments
Trade contracts for every match-up—plus the championships.
Available across the US.
How college basketball contracts work
Now you can trade on the outcome of every match-up in the men’s and women's college basketball tournaments, including the final championships. Get $1 for each contract you own if your team wins—and nothing if they don’t. You can also close your position at any time before each match-up ends.
See how prediction markets act in real‒time on Robinhood. Additional fees apply.
FAQs
Each event contract has a single event question. An event question is a yes-or-no question about a specific event that can be resolved based on verifiable data.
Each contract that you own will pay out $1 if that contract resolves to the side you own. It will pay out $0 if not.
For a given contract, you can’t own the Yes and No side at the same time. However, you can own the Yes or No side for multiple contracts for the same event.
Each contract represents an approximate probability between 1% and 99%, with each cent effectively representing a 1% probability that the event will occur. For example, if a contract is priced at 53 cents, this can be interpreted as a 53% probability that it will occur according to that market.
This allows participants to assign a probability to the outcome and take advantage of any perceived undervaluation.
Note that for some event contracts, the exchange that executes your orders may embed $0.01 within the price. Therefore the two sides of the contract may add up to $1.01 or 101%. So, it’s not an exact probability.
Those numbers represent open interest. That’s the number of open contracts people are holding for that Yes contract.
The payout, or settlement, is $1 or $0 per contract owned depending on the outcome of the event.
Robinhood charges a $0.01 commission per contract, per side. The exchange that executes your orders may charge a fee as well. See our Fee Schedule for more details.
An immediate-or-cancel (IOC) order is an order to buy or sell that must be executed immediately. Any part of an IOC order that can't be filled will be canceled.
Event contracts are a product that the Commodity Futures Trading Commission (CFTC) regulates. The value depends on the outcome of a specific event. These contracts are based on a simple "Yes" or "No" answer to a question about the event, known as the event question.
Robinhood event contract payments will be classified as Miscellaneous income and reported on Form 1099 if net reportable amounts are $600 or greater. As a reminder, Robinhood doesn’t provide tax advice. For specific questions, we recommend consulting a tax professional.
Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances. Displayed prices are based on real-time market sentiment. Restrictions and eligibility requirements apply.
Read the Event Contracts Risk Disclosure for more information about the risks associated with event contracts.
The College Basketball Tournament event contracts are offered by Robinhood Derivatives, LLC (RHD) a registered futures commission merchant through KalshiEX LLC. RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured.
This event contract is not endorsed by any collegiate athletic association or collegiate basketball team that is part of any collegiate basketball league, or any other company, agency, or government entity. The use of the term "College Basketball Tournament," and the use of any collegiate team names or abbreviations or colors does not indicate an endorsement of this product.
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