Robinhood basically sells right of first refusal on "dumb flow," which is valuable. The buyer can route it to someone else if they don't like it, but they get

Robinhood basically sells right of first refusal on "dumb flow," which is valuable. The buyer can route it to someone else if they don't like it, but they get to decide before them. Also they get information from retail investor orders before the rest of the market gets to see them and can adjust pricing on other offers in related symbols before others get to react.