Robinhood, a financial services and trading platform, has been announced as the Wizards’ official brokerage and jersey patch partner for the upcoming season. All Wizards jerseys this season will feature the Robinhood logo on their left shoulder.
During the Wizards home opener on October 28, there will be a ceremony to announce the partnership after the first quarter. All fans in attendance will receive a Wizards shirt featuring the Robinhood logo as well.
Per the Wizards’ press release, “Robinhood has helped millions of new investors make their first investments. With products from investing, retirement, crypto and digestible investment and financial education, Robinhood is there for customers at every point along their financial journey, meeting them where they are.”
“We’re thrilled to tip off the season alongside Robinhood, an innovative leader in financial investing as the Wizards jersey entitlement partner and official brokerage,” said Jim Van Stone, President of Business Operations and Chief Commercial Officer at Monumental Sports & Entertainment (MSE). “The D.C. region draws incredible global diversity, and our fans are some of the most tech-savvy in the nation. As a company, Monumental Sports prioritizes being digital first in new fan experiences, pairing perfectly with Robinhood’s mission to cultivate a mobile focused financial system accessible for all.”
The press release also states that the partnership “will yield future opportunities for Robinhood to be integrated into the MSE enterprise.”
Last season, the Wizards partnered with FTX on merchandise giveaways prior to that company’s downfall due to unethical business practices. Robinhood has faced several past claims of unethical business practices as well.
In December 2020, the Securities and Exchange Commission (SEC) charged Robinhood Financial with misleading customers with “repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them, and with failing to satisfy its duty to seek the best reasonably available terms to execute customer orders.” Robinhood agreed to a $65 million settlement at the time.