Robinhood nears 2 million prediction users and elevates Rothera to top-3 exchange
Robinhood said its prediction market platform has grown to nearly 2 million users during its second-quarter 2026 earnings call. The company disclosed that Rothera, its regulated exchange and clearinghouse launched with Susquehanna, has become a top-3 designated contract market in the US. Robinhood also said it plans to migrate more event contracts to Rothera, including NFL markets. The platform currently routes some volume through both Kalshi and Rothera.
Robinhood's near-2-million user base turns Rothera from a side project into a genuine Kalshi rival within a single quarter. The migration of NFL markets to Rothera signals intent to shift volume away from outside dependence. Kalshi built its brokerage distribution by being first; that edge erodes when Robinhood's captive venue can match its scale.
Robinhood in talks with Crypto.com adds a second external lever, giving Robinhood pricing power against every supplier. The platform that wins Robinhood's volume sets the template for how brokerages source prediction markets. Rothera's rise threatens to turn Robinhood from Kalshi's largest distributor into its most dangerous competitor.
Robinhood's supplier diversification joins recent moves by Fanatics, DraftKings, and Underdog to build or acquire captive prediction-market infrastructure rather than rely on third-party exchanges.