Robinhood expands prediction-market push with Crypto.com, OG.com tie-up
Sept 8 : Robinhood Markets said on Tuesday it will route some football event contracts through OG.com's federally regulated exchange, while taking equity stakes in the platform and its former parent Crypto.com as it further expands into prediction markets.
- The stakes will be priced in line with Citadel Securities' recent investment in Crypto.com at a $20 billion valuation, including $5 billion for the recently spun-off OG.com, Robinhood said.
- Starting Tuesday, the retail trading platform will route selected football contracts to OG.com, adding another trading venue alongside its existing partners ahead of the U.S. professional football season.
CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less • Event contracts generated a record $156 million in second-quarter revenue, emerging as an increasingly important growth driver for Robinhood. • OG.com, an independent trading platform, operates a derivatives exchange and clearinghouse regulated by the U.S. Commodity Futures Trading Commission. • Robinhood is also expanding its election-related contracts ahead of the November midterms with a dedicated hub for state and federal races, some of which could later be routed to Crypto.com and OG.com. • Prediction markets offer "yes" or "no" contracts on sports, political and economic events, with proponents arguing they harness the "wisdom of crowds". Critics liken them to gambling, and regulators have stepped up scrutiny over insider trading. • The products gained mainstream popularity during the 2024 U.S. presidential election and attracted strong demand during sports events such as the FIFA World Cup.
- Event contracts generated a record $156 million in second-quarter revenue, emerging as an increasingly important growth driver for Robinhood.
- OG.com, an independent trading platform, operates a derivatives exchange and clearinghouse regulated by the U.S. Commodity Futures Trading Commission.
- Robinhood is also expanding its election-related contracts ahead of the November midterms with a dedicated hub for state and federal races, some of which could later be routed to Crypto.com and OG.com.
- Prediction markets offer "yes" or "no" contracts on sports, political and economic events, with proponents arguing they harness the "wisdom of crowds". Critics liken them to gambling, and regulators have stepped up scrutiny over insider trading.
- The products gained mainstream popularity during the 2024 U.S. presidential election and attracted strong demand during sports events such as the FIFA World Cup.
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