Robinhood to Join S&P 500, Replacing Caesars Entertainment

The change, confirmed by S&P Dow Jones Indices, reflects Robinhood's growth from a pandemic-era trading app into a company firmly embedded in US markets.

Ziv Chen

Last Updated: September 8, 2025 1:28 PM EDT • 2 minute read

Robinhood to Join S&P 500, Replacing Caesars Entertainment — Pictured: A street sign reading "Wall Street" hangs on a post. Photo by Sven Hoppe/dpa/Sipa USA

A big shakeup on the S&P 500 as it relates to some major players in the sports world.

Robinhood Markets will replace Caesars Entertainment in the S&P 500, marking a major milestone for the financial technology industry. The change, confirmed by S&P Dow Jones Indices, reflects Robinhood's growth from a pandemic-era trading app into a company firmly embedded in US markets.

The move is expected to significantly increase demand for Robinhood stock as funds that track the index adjust their holdings. Historically, stocks in firms added to the S&P 500 experienced a price appreciation following the injection of buying by institutions.

The analysts observed that inclusion also demonstrates overall financial credibility and made Robinhood a more attractive firm among big-time investors.

Robinhood achieved broad recognition through offering commission-free trading and democratizing investing among retail entrants, attracting a million-plus new investors in equities and options trading. Its app-friendly platform created a shift in investment culture among generations, and inclusion in the index is a testimony to its impact.

Two other companies are also set to join the index.

Marketing platform AppLovin will replace MarketAxess, while Emcor Group will replace Enphase Energy. Shares of Robinhood climbed 7.3% in extended trading following the announcement, while AppLovin rose 7% and Emcor gained 2.2%.

The changes will take effect before markets open on Sept. 22. According to LSEG data, Robinhood's market capitalization now stands at approximately $91.5 billion, more than double its value earlier this year.

Robinhood expands into football prediction markets

Robinhood's inclusion in the S&P 500 comes as the company moves deeper into new trading arenas, including sports prediction markets. Last month, it said it would launch markets tied to professional and college football outcomes.

The feature allows users to trade on the results of NFL games and contests involving Power Four college football programs. Robinhood said the rollout is underway and will begin with the first two weeks of the regular season, later expanding to weekly matchups.

The company's VP of Futures and International, JB Mackenzie, described the addition of football as a natural extension of Robinhood's trading hub. Executives emphasized that these markets differ from traditional sports betting, as buyers and sellers interact directly to determine pricing.

The markets are expected to be available daily from 8 a.m. to 3 a.m. ET, offering near-continuous engagement. Robinhood has increasingly highlighted sports as a growth area, with CFO Jason Warnick noting record engagement levels in its existing sports prediction products. CEO Vlad Tenev described the sector as a "big opportunity" during the firm's second-quarter earnings call.

The expansion highlights Robinhood's effort to diversify its offerings and establish itself as a multi-faceted trading platform beyond stocks and crypto.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.