Robinhood explores prediction markets tie-up with Crypto.com

Robinhood is in talks with Crypto.com about adding the exchange's yes-or-no event contracts to its prediction markets hub, a move that could expand the brokerage's supplier network beyond Kalshi, ForecastEx and Rothera, according to the Wall Street Journal, citing people familiar with the discussions. No deal has been announced, and the talks may not result in an agreement. Robinhood launched its prediction markets hub in March 2025 with contracts routed through Kalshi, a Commodity Futures Trading Commission-regulated exchange, and later added ForecastEx before beginning to route contracts through Rothera in June 2026. Robinhood said in June that Rothera, the exchange created through its venture with Susquehanna International Group, helped lower customer trading costs. A company spokesperson said Robinhood would continue to work with multiple exchanges to offer customers a broad and reliable market. Crypto.com already offers event contracts through Crypto.com Derivatives North America, a CFTC-regulated exchange and clearinghouse, and launched OG Prediction Markets as a separate platform in February 2026. Its contracts have also been distributed through partners including FanDuel Predicts, while a planned integration with Truth Social had not launched by July 24, the Journal said. The talks come as competition intensifies with Kalshi, whose chief executive Tarek Mansour described Robinhood as both a partner and a competitor, saying, "We'll see who ends up with a better product." Bernstein recently raised its Robinhood share-price target to $160 from $130 and estimated Robinhood's prediction-market revenue could reach about $1.7 billion by 2028, with $586 million forecast for 2026. Bernstein also projected total prediction-market trading volume would grow from about $51 billion in 2025 to $1 trillion by 2030. The expansion effort is unfolding against a legal dispute over oversight of event contracts. The CFTC says federal law gives it exclusive authority over commodity derivatives on registered exchanges, while states argue some sports-linked contracts resemble gambling and should follow local rules. Wisconsin has taken action against Crypto.com, Robinhood, Kalshi, Polymarket and Coinbase, and New York has sued Coinbase and Gemini over similar claims, even as the CFTC has sought to block some state enforcement moves.