Robinhood expands prediction markets with Crypto.com, OG partnerships ahead of NFL season

Robinhood has agreed strategic partnerships with Crypto.com and OG.com to widen its prediction markets business, and will take equity stakes in both companies, according to a company release. The arrangement launches with football contracts as the NFL season gets underway on Wednesday night.

The equity positions will be priced in line with Citadel Securities' recent investment into Crypto.com Group at a $20 billion valuation. Under the deal, Robinhood will route a selection of event contracts to OG.com. Event contracts on Robinhood will also continue to be routed to Kalshi, ForecastEX and Rothera.

"Routing event contracts to multiple venues helps create a stronger, more diverse and resilient marketplace," said JB Mackenzie, VP and GM of Futures and Prediction Markets at Robinhood, adding that the return of football and the coming midterm elections make for a busy fall for prediction markets on the platform. The Wall Street Journal reported in July that a partnership was under consideration.

Wider contract range and election tools

Customers will be able to access a broader set of contracts this season, covering game outcomes, player contracts and custom combinations. Robinhood also plans a dedicated election hub featuring interactive heat maps that let users track candidate performance at a glance. Once polling closes, the hub will display the number of votes counted and what share of total expected votes that figure represents.

Robinhood said its prediction markets business posted record revenue and volumes over the first eight months of the year. In the second quarter, the firm traded 13.6 billion event contracts, including 5 billion during the World Cup. That generated roughly $156 million in revenue, a 50% quarter-over-quarter increase. It also marked the first period in which prediction markets produced more revenue than Robinhood's crypto business.