Robinhood Teams Up with Crypto.com for Prediction Market Expansion
Robinhood Markets (NASDAQ: HOOD) has announced a prediction market partnership with Crypto.com and its standalone entity OG.com. The brokerage firm will route some of its event contract business through Crypto.com, including a selection of football contracts starting today.
The arrangement is part of Robinhood's efforts to create a stronger, more diverse marketplace for prediction markets. As JB Mackenzie, vice president of futures and prediction markets at Robinhood, explained: 'Routing event contracts to multiple venues helps create a stronger, more diverse and resilient marketplace.'
As part of the deal, Robinhood is gaining equity stakes in both Crypto.com and OG.com, with the valuation set at $20 billion for Crypto.com and $5 billion for OG.com. This development marks another step forward for prediction markets, which have seen significant growth in recent times.