Robinhood Expands Prediction Market with Crypto.com and OG.com Partnership
- Robinhood acquired minority stakes in Crypto.com and OG.com, valuing them at $20 billion combined.
- Football event contracts began routing to OG.com’s CFTC-regulated exchange on September 8.
- Robinhood’s event contract revenue reached a record $156 million in the second quarter.
- OG.com was spun off as a standalone company from Crypto.com, valued at $5 billion.
- The partnership aims to offer more competitive pricing and a wider range of contracts for Robinhood customers.
Robinhood has formed a strategic partnership with Crypto.com and OG.com, enhancing its prediction markets business by leveraging OG.com’s regulated derivatives exchange infrastructure. This move aligns with Robinhood’s strategy to expand its offerings ahead of significant events like the football season and midterm elections.
Event contract revenue soared over tenfold year-over-year, reaching $156 million in Q2, highlighting the growing importance of this segment for Robinhood’s overall business strategy. (Source)
