Robinhood's Prediction Markets Surpass Crypto Revenue for First Time

Rohanhood's prediction market business has surpassed its crypto division in revenue for the first time.

The brokerage reported $156 million in prediction market revenue for the second quarter, compared to $100 million from crypto, which experienced a 38% year-over-year decline.

This growth was driven by the World Cup and the launch of Rothera, a designated contract market joint venture with Susquehanna International Group. Rothera handled 2.1 billion contracts in its first month of operation and accounted for $17 million of prediction market revenue.

Rohanhood's CEO Vlad Tenev stated that Rothera had 'rapidly become a top three DCM' after going live in late May, and the company plans to direct more event contract flow through the platform as it scales. The company also signaled intent to eventually offer perpetual futures in the US market.