Robinhood Teams Up with Crypto.com and OG.com to Bolster Prediction Markets
Robinhood has entered into a strategic partnership with Crypto.com and OG.com to expand its prediction markets, including football event contracts. The deal will see Robinhood route a selection of football contracts to Crypto.com's CFTC-regulated exchange and clearinghouse, as well as the separate trader-focused platform OG.com.
The partnership comes amid rapid growth for Robinhood's prediction-market business, with over 45 billion contracts traded since its launch two years ago. During the second quarter alone, 13.6 billion event contracts were traded through Robinhood, while more than 5 billion contracts traded during the World Cup.
As part of the agreement, Robinhood Markets will receive equity stakes in Crypto.com and OG.com following OG.com's spinoff as an independent trading platform. The equity will be priced at a $20 billion valuation, mirroring Citadel Securities' recent investment in Crypto.com Group.