Robinhood and Crypto.com push deeper into prediction markets
Robinhood and Crypto.com are expanding their presence in prediction markets amid rising contract volumes. Crypto.com launched its standalone platform OG in February, while Robinhood has said it will continue working with multiple exchanges. Both platforms report event-contract volumes and revenues starting to rival their crypto trading businesses. The push comes as Kalshi, Polymarket, and other established venues face new retail competition.
Robinhood already routes large event-contract volume, and any partnership with Crypto.com would give it more product depth without sharing revenue. That directly weakens Kalshi's position as the default venue. Traders increasingly stay inside familiar apps rather than hunting for best prices. Kalshi must now prove that its first-mover liquidity and regulatory stack still matter when users never see its brand.
The first quarter after any Robinhood-Crypto.com launch will show whether price-sensitive traders move or stay put. If they stay, Kalshi faces permanent margin pressure from brokerage integrations that bypass its market entirely. DraftKings and Underdog have already turned vertical; Robinhood may be next.
Robinhood's deepening prediction-market ambition joins a growing roster of retail platforms building in-house event-contract stacks after DraftKings launched DKeX and Underdog opened UDX, as integrated rivals peel volume from white-label partners.