Robinhood is in talks with Crypto.com about adding the crypto exchange’s yes-or-no event contracts to its prediction markets hub, The Wall Street Journal reports. People familiar with the discussions say the deal would let Robinhood users trade Crypto.com’s event contracts inside the app — but neither company has confirmed anything and talks may still collapse.
Why it matters
- Robinhood is deliberately broadening its prediction-market supply, moving away from reliance on a single exchange. A company spokesperson told the Journal Robinhood “will continue to partner with multiple exchanges” to offer customers a broader, more reliable market.
- Adding Crypto.com could sit alongside existing sources such as Kalshi, ForecastEx and Rothera — the latter an exchange route created through Robinhood’s venture with Susquehanna International Group. Rothera, introduced in June 2026, gave Robinhood a tighter link to the execution layer and helped lower trading costs, the company says.
Background and product footprints
- Robinhood launched its prediction markets hub in March 2025, initially routing contracts through Kalshi, a Commodity Futures Trading Commission (CFTC)-regulated exchange. Its market covers sports, politics, economics and other public events. Robinhood later added ForecastEx and began routing contracts through Rothera in June 2026.
- Crypto.com already operates prediction trading via Crypto.com Derivatives North America, a CFTC-regulated exchange and clearinghouse, offering straightforward binary (yes/no) event contracts. It also launched OG Prediction Markets in February 2026 and has pushed distribution via partners.
- In June (2026), FanDuel Predicts expanded its roster of sports, entertainment and combination contracts using inventory supplied by Crypto.com and OG Prediction Markets. Crypto.com has also announced a planned integration with Truth Social, though that product had not launched as of July 24, according to the Journal.
Competitive dynamics
- Kalshi and Robinhood began as distribution partners but are now increasingly competitors: Kalshi is broadening its own products while Robinhood builds Rothera and adds more exchange partners. Kalshi CEO Tarek Mansour called Robinhood “both a partner and a competitor,” adding, “We’ll see who ends up with a better product.”
- A deal with Crypto.com would give Robinhood another content source and help maintain availability when one exchange lacks a market or is experiencing service issues — an important redundancy as retail demand grows.
Market forecasts and commercial upside
- Bernstein recently raised its Robinhood price target to $160 from $130 and estimates Robinhood’s prediction-market revenue could reach about $1.7 billion by 2028. It also projected roughly $586 million in prediction-market revenue for Robinhood in 2026, driven by World Cup activity and Rothera volumes.
- Bernstein expects total prediction-market trading volume to expand from around $51 billion in 2025 to roughly $1 trillion by 2030, assuming broader distribution, more institutional use and clearer regulatory rules. Sports currently drive most volume, but analysts expect economic, political and business contracts to grow as well.
Regulatory uncertainty
- The talks come amid an active legal battle over who regulates event contracts. The CFTC asserts exclusive federal authority over commodity derivatives traded on registered exchanges and sued several states in 2026 after state officials moved against prediction-market operators.
- States have pushed back, arguing some sports-related contracts are functionally gambling and should be subject to state licensing, age and consumer-protection rules. Wisconsin filed complaints naming Crypto.com, Robinhood, Kalshi, Polymarket and Coinbase. New York also sued Coinbase and Gemini, and the CFTC later brought its own case against New York to reinforce federal primacy.
- Any Robinhood–Crypto.com arrangement would be conditioned on contract availability, regulatory status and the final commercial terms. Robinhood has not confirmed Crypto.com contracts will appear in its app.
Bottom line
The reported talks underscore how fiercely exchanges, brokers and crypto platforms are jockeying for distribution in a fast-growing prediction-market space. For Robinhood, adding Crypto.com would be another step in building a multi-sourced market; for Crypto.com, it would mean access to a large retail audience — but regulatory questions and final deal terms will determine whether the partnership actually happens.
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