Robinhood takes equity stakes in Crypto.com and OG.com for prediction markets push
Robinhood is taking minority equity stakes in Crypto.com and OG.com to expand its prediction-markets business. The deals, announced Tuesday, route football event contracts through OG.com's CFTC-regulated exchange and add Crypto.com as a prediction-market venue. Customers traded 6.1 billion event contracts on Robinhood in July, roughly 20 times the year-earlier level. Robinhood has traded more than 45 billion event contracts since launching its offering about two years ago. The partnerships come ahead of the NFL season.
Robinhood still holds no direct CFTC exchange license, so its entire prediction-market stack rests on partner infrastructure. The Crypto.com and OG.com deals add two more external dependencies to the existing Kalshi and Rothera relationships. Any contract dispute or regulatory action against one partner forces immediate volume migration with no internal fallback. Piper Sandler's $320 million football-season revenue projection now spans four separate partner platforms, each with its own compliance exposure.
The CFTC's recent warning on American-style moneyline odds demands rapid redesign across all of them. Competitors with direct CFTC designations can pitch stability to traders who have already weathered one August volume dip. Robinhood's stock trades above $145 on prediction-market growth; a single partner failure during NFL season would test whether that pricing holds.