Robinhood CEO Says Crypto Will Beat Sports at Prediction Markets' Own Game
Robinhood CEO Vlad Tenev says crypto-linked prediction contracts are growing faster than sports wagers and could make sports a minority of Robinhood’s event-contract business within a few years. He argues prediction markets are regulated derivatives, not simple gambling, and says sports contracts mainly served as a “wedge” to build liquidity and interest. The shift is already visible: Robinhood’s event-contract revenue jumped more than 10x year over year to $156 million in the second quarter of 2026, while crypto trading revenue fell. August trading volume reached 4.7 billion contracts, about 15 times a year earlier. Robinhood has expanded through Kalshi, its own CFTC-licensed venture with Susquehanna, and stakes in Crypto.com and OG.com. Competition is intensifying from CME, Coinbase, and crypto-native platforms. Regulators and lawmakers are still debating whether these markets blur the line between investing and gambling.
