Robinhood Revenue Hits Record $1.31B as Prediction Markets Soar

Robinhood posted record second-quarter net revenue of $1.31 billion, up 32% year-over-year, as activity across prediction markets, options, and equities helped offset a sharp decline in crypto income.

The company's transaction-based revenue jumped 44% to $776 million during the quarter. Event contracts emerged as one of its fastest-growing businesses, with revenue from these contracts reaching $156 million, more than 10 times higher than a year earlier.

Rothera, a CFTC-licensed exchange and clearinghouse launched through Robinhood's joint venture with Susquehanna International Group in June, has seen over 3.5 billion event contracts traded to date. Chairman and CEO Vlad Tenev said the growth of prediction markets is expected to continue.

While crypto revenue fell 38% year-over-year to $100 million, Robinhood's expansion into blockchain and digital assets internationally continues with its public mainnet for the Ethereum Layer 2 network, Robinhood Chain. The company also announced stock tokens for eligible users in over 120 countries.