Robinhood’s Prediction-Market Revenue Hits $156M as Crypto Gains Ground

Robinhood's prediction-market business is expanding beyond sports into crypto, economic and other non-sports event contracts, with revenue surging over tenfold to $156 million in the second quarter of 2026, according to Zacks Investment Research. The number of contracts traded hit a record 13.6 billion in the same period, also up more than tenfold.

This shift comes amid various regulatory challenges. Missouri recently ordered Robinhood and other operators to cease offering sports event contracts without a state sports-wagering license, and the company is appealing litigation in Michigan. The Ninth Circuit affirmed the denial of preliminary relief in Robinhood's Nevada case, leading to a petition for U.S. Supreme Court review.

In June, Robinhood began routing event contracts to Rothera, a CFTC-licensed exchange and clearinghouse operated through a joint venture with Susquehanna International Group, which generated $17 million of Robinhood's second-quarter event-contract revenue. CEO Vlad Tenev has stated that crypto-linked event contracts are already capturing a significant share of activity on the platform and expects sports to eventually become a minority in overall prediction-market volume.

This diversification away from sports could help Robinhood reduce its regulatory exposure, as it currently faces heavy state-level scrutiny in this category. Crypto prices and economic indicators also provide customers with additional incentives to continue using the app, supporting Robinhood's broader strategy of increasing revenue per customer beyond stock and options trading.

Robinhood is not the only company pursuing this growth. Interactive Brokers has developed a unified interface encompassing Kalshi, CME Group, and its own ForecastEx platform, allowing customers to compare liquidity across venues. Coinbase is integrating prediction markets into its broader event-contract strategy, with contracts and revenues rising 106% sequentially in the last quarter.

As Robinhood, Interactive Brokers, and Coinbase all compete for the same retail audience, product breadth, liquidity, and pricing will likely determine which company gains the most engagement.