Sports
Robinhood strikes first NBA deal with the Washington Wizards – WTOP
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Jeff Clabaugh | jclabaugh@wtop.com
October 23, 2023, 10:05 AM
Free stock-trading platform Robinhood Markets Inc. has signed its first NBA marketing deal with the Washington Wizards, and its logo will be featured on team jerseys under the multiyear partnership.
Monumental Sports & Entertainment, who owns the Wizards, did not disclose financial terms of the partnership. It runs through the 2025-26 season.
The Robinhood logo will be featured on the upper left shoulder of Wizards home and away jerseys, beginning with the Wizards vs. Indiana Pacers game in Indianapolis on Wednesday, Oct. 25, and will debut on home jerseys at the home opener against the Memphis Grizzlies at Capital One Arena on Friday, Oct. 28.
Robinhood co-founders Vladimir Tenev and Baiju Bhatt have a connection to the region.
“Vlad and I both grew up in Virginia and we are excited to be back and become a mainstay of D.C. sports and unite with a team dedicated to representing the vibrant and diverse region it plays for,” Bhatt said in a statement. “Basketball is my favorite sport and has been a lifelong passion.”
The Robinhood app was launched in 2015, but became wildly popular in 2020, during the pandemic when many young users new to stock investing flocked to the app after the initial stock market crash that followed in the weeks after COVID was declared a pandemic.
The Menlo Park, California, company is also widely credited with compelling established online trading platforms to pivot to commission-free trading.
Robinhood, which went public on the Nasdaq Stock Exchange in July 2021 under the ticker symbol “HOOD,” ended its most recent quarter with 10.8 million monthly active users, and $89 billion in assets under custody.
Jeff Clabaugh has spent 20 years covering the Washington region’s economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.
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