Robinhood’s prediction markets business, launched as an election-season experiment in 2024, generated roughly $156 million in revenue from 13.6 billion event contracts in the second quarter of 2026. CEO Vlad Tenev said crypto event contracts are taking a disproportionate share of activity and expects sports betting to become a minority of the business within a few years. Crypto’s continuous stream of protocol upgrades, regulatory decisions, token launches and market milestones gives it a broader supply of tradable events than seasonal sports. Robinhood’s infrastructure is supported by MIAXdx, formerly LedgerX, which is approximately 90% owned by Rothera, a joint venture with Susquehanna. The company also announced minority equity stakes in Crypto.com and OG.com in a deal valued at $5 billion following a Citadel Securities investment.