Robinhood CEO Vlad Tenev said crypto-linked event contracts are taking a disproportionate share of the company’s prediction-markets activity and predicted that sports contracts would become a minority within a few years. The business began as an election-season experiment in 2024 and generated roughly $156 million in event-contract revenue in the second quarter of 2026, while crypto trading revenue declined. Robinhood reported 13.6 billion event contracts during that quarter, including about 5 billion linked to the World Cup, and 4.7 billion contracts traded in August, roughly 15 times August 2025 volume. Its infrastructure includes Kalshi and MIAXdx, formerly LedgerX, which is approximately 90% owned by Rothera, Robinhood’s joint venture with Susquehanna. Robinhood has also taken minority stakes in Crypto.com and prediction-market spinoff OG.com. The expansion comes as CME, Coinbase, Polymarket and decentralized platforms compete for users, while lawmakers and regulators debate whether event contracts blur the boundary between investing and gambling.