Robinhood CEO Tenev defends prediction markets, eyes trillions in volume
Robinhood CEO Vlad Tenev mounted a public defense of prediction markets at the Wall Street Journal's Future of Everything event in New York City, pushing back against the gambling label while acknowledging that former SEC Chair Gary Gensler may have a valid point regarding sports prediction markets and that the law should perhaps be updated. Tenev predicted prediction markets could eventually reach trillions of dollars in annual trading volume, and confirmed Robinhood is only at the beginnings of its prediction markets push. The company has been expanding its event-contract offerings alongside traditional equities and crypto, reported event contracts traded on its exchange as of March, and has explored both international expansion for event contracts and a joint venture to build an integrated prediction market exchange and clearing system.
Robinhood's March event-contracts launch and trillions-in-volume forecast signal it is racing to lock in exchange infrastructure and market share before DraftKings, FanDuel, or international entrants can replicate its clearing-system joint venture.