Robinhood and Crypto.com are expanding prediction markets. Robinhood's hub saw 11 billion contracts in year one. State legal challenges continue.
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Robinhood and Crypto.com are racing to capture the prediction markets business. Revenues from event contracts are already rivaling crypto trading at Robinhood in some quarters, according to The Wall Street Journal.
The two platforms are in active discussions to expand their presence in prediction markets, the Journal reported. Robinhood launched its Prediction Markets Hub in 2025 through a partnership with Kalshi, a CFTC-regulated event contract exchange. Around 11 billion to 12 billion contracts traded through the hub in its first year, volumes that pushed prediction market revenue into direct competition with Robinhood's crypto trading segment in certain periods.
Robinhood also partnered with Susquehanna, the quantitative trading firm, to build a CFTC-licensed futures and derivatives exchange that went live in early 2026. Crypto.com followed with its own CFTC-regulated prediction markets platform, called OG, in February 2026.
The rapid expansion has drawn regulatory pushback. Multiple U.S. states have challenged sports-related event contracts, arguing the products constitute unlicensed gambling. Both platforms have faced legal complications on this front.
In December 2025, Robinhood and Coinbase, along with several other trading platforms, formed the Coalition for Prediction Markets, a lobbying group pushing for consistent federal oversight. The group aims to avoid a patchwork of state-by-state prohibitions.
Robinhood's hub data shows engagement extends across event categories beyond elections. State regulators have not yet issued final rulings on several sports contract filings.
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