Author: ahboyashreads

Translation: Shenchao TechFlow

Shenchao Introduction: Robinhood, through Crypto.com’s prediction market platform OG.com, launched event contracts and acquired an equity stake. This marks a new convergence point between traditional brokerages and crypto platforms found within regulatory gaps, and what investors need to focus on is: the prediction market is moving from crypto-native to mainstream brokerage channels.

In the first eight months of this year, Robinhood's prediction market set historical highs in revenue and trading volume. In the second quarter alone, there were 13.6 billion event contracts traded on Robinhood; during the World Cup, over 5 billion contracts were traded. This June, we also began routing contracts to Rothera (a CFTC-licensed exchange and clearinghouse operated independently by a joint venture of Robinhood and Susquehanna International Group) to bring greater diversity to our market.

Today, we are taking another step forward on this momentum: collaborating with Crypto.com to start routing some event contracts to its CFTC-regulated exchange and clearinghouse in time for the start of the professional football season. This CFTC-regulated exchange and clearinghouse operates under the brand Crypto.com | Derivatives North America (CDNA) in the Crypto.com App, alongside an independent app for traders called OG.com. Starting September 8, we will route some football contracts to OG.com.

As part of the transaction, after OG.com is spun off into an independent trading platform, Robinhood Markets will hold equity in Crypto.com and OG.com. The pricing of this equity will align with Citadel Securities' recent investment in Crypto.com Group, corresponding to a valuation of $20 billion.

“Routing event contracts to multiple venues helps create a stronger, more diverse, and resilient market,” said JB Mackenzie, Vice President and General Manager of Futures and Prediction Markets at Robinhood. “With the return of football season and the midterm elections approaching, we are very excited to partner with Crypto.com and OG.com; Robinhood's prediction market is sure to have an exciting autumn.”

“This is just the beginning of a strategic partnership between two companies,” said Kris Marszalek, Founder and CEO of Crypto.com and OG.com. “We aim to make OG.com the premier innovative derivatives trading venue with the best liquidity globally, starting with the prediction market and quickly expanding to futures and perpetual contracts.”

While event contracts on Robinhood will still continue to be routed to Kalshi, ForecastEX, and Rothera, this partnership with Crypto.com and OG.com comes at just the right time to help us strengthen the center of football prediction markets.

The New Season of College and Professional Football

In addition to routing some contracts to OG.com, the trading experience for professional and college football has also been revamped. The new experience offers better real-time data and features a dedicated trading center that makes it easy for customers to filter contracts by week, team, league, and more. Player data and team rankings will be launched later this fall.

This season, customers will also be able to trade a wider range of contract types, including match result contracts, player contracts, custom combination contracts, and more. College and professional football contracts will be routed to different combinations of OG.com, Kalshi, and Rothera based on supply factors from each exchange.

U.S. Midterm Election Center

Apart from the collaboration with Crypto.com and OG.com, in anticipation of the midterm elections in 2026, we will also launch the most comprehensive election products to date, including a dedicated election center that allows customers to quickly and intuitively access state-level and federal-level markets affecting them. As part of this effort, we will also introduce a new interactive heat map directly in the center, allowing customers to clearly see each candidate's election situation at various government levels; this feature will be launched later this fall. After the voting is concluded, we will incorporate near-real-time voting data directly into the product experience, displaying the number of counted votes and the percentage it represents of the expected total votes.

Those closely following 2024 may have noticed that before official results are announced at polling places across the country, “collective wisdom” has confidently predicted the outcome of the 2024 presidential election. We believe that observing these midterm election prediction markets in real time will become another powerful tool for investors to grasp information early and continuously before and during election night.

Midterm election contracts are currently routed to Kalshi and Rothera, with potential expansion to Crypto.com and OG.com in the coming weeks.

The Impact of Prediction Markets

Since its launch about two years ago, customers have traded over 45 billion contracts on Robinhood, with over 30 billion of those just this year as of the end of August. As Robinhood CEO Vlad Tenev stated earlier this year: “The prediction market has become the fastest-growing business in our history... I believe we are just at the beginning of a super cycle for prediction markets...”

Disclosure

Futures, options on futures, and clearing swap trading are provided by Robinhood Derivatives, LLC (referred to as “Robinhood Derivatives”), a registered futures commission merchant with the U.S. Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA). Robinhood Derivatives is a wholly-owned subsidiary of Robinhood Markets, Inc. (referred to as “Robinhood Markets,” or “we,” or “Robinhood” when combined with its consolidated subsidiaries).

Forward-Looking Statement Disclaimer

This blog post contains forward-looking statements, including our partnership with Crypto.com and OG.com, the equity we may obtain as a result, and its implied valuation, our expectations for the growth of the prediction market business, and our plans to expand event contract routing and launch new product features. Forward-looking statements are subject to numerous known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future performance to differ materially from any future performance expressed or implied by any forward-looking statement. Because some of these risks and uncertainties are unpredictable or not quantifiable, and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. For more information on potential risks and uncertainties that may affect our business and financial results, refer to Part 1A of our 10-Q quarterly report for the quarter ended June 30, 2026, as well as other filings we submit to www.sec.gov. We do not undertake any obligation to update any statements in this blog post, except as required by law.