Robinhood has taken equity stakes in Crypto.com and its newly spun-off prediction market platform OG.com under a multi-year agreement that will route the brokerage’s retail event contracts through OG.com’s CFTC-regulated derivatives exchange and clearinghouse.
The rollout begins Tuesday for eligible US customers. According to Robinhood’s announcement, the brokerage will receive initial equity stakes in both companies, priced at valuations set by a prior Citadel Securities investment. The companies declined to disclose the size or value of Robinhood’s holdings.
OG.com was spun off from Crypto.com at a $5 billion valuation. The platform will operate independently, with CEO Kris Marszalek saying it plans to expand beyond prediction markets into futures and perpetual contracts.
The deal extends Robinhood’s prediction market push, which began in March 2025 with a partnership using CFTC-regulated exchange Kalshi. Event contracts generated $156 million in revenue for Robinhood in the second quarter — up more than tenfold year over year — surpassing its $129 million in equities transaction revenue and $100 million from crypto.
Bernstein analysts estimated in July that Robinhood’s total revenue, including prediction markets, could reach $1.7 billion by 2028.
Prediction market operators face mounting legal pressure from US states seeking to apply gambling laws to sports event contracts. In April, a Nevada judge extended a ban preventing Kalshi from offering event contracts in the state without a gaming license, ruling the products were effectively indistinguishable from traditional betting and rejecting Kalshi’s argument that the contracts are swaps subject solely to CFTC oversight.
The legal dispute escalated last week when New Jersey petitioned the US Supreme Court to weigh in on whether states can regulate sports contracts offered on CFTC-regulated prediction markets. New Jersey Attorney General Jennifer Davenport said companies like Kalshi claim to offer legal sports betting nationwide while refusing to comply with state gambling laws, calling on the Supreme Court to resolve the jurisdictional conflict.
