Robinhood's prediction market revenue is expected to surpass its cryptocurrency revenue in the second quarter

Odaily Odaily: Robinhood's prediction market platform is growing rapidly. Chief Brokerage Officer Steven Quirk stated that the company's annualized revenue run rate has reached $500 million. In the second quarter through June 25, the volume of Robinhood event contracts reached approximately 12.3 billion. Based on a standard fee of $0.01 per contract, the prediction market revenue for the quarter is estimated to be at least $1.23 million. Additionally, its recently launched Rothera prediction market platform achieved over 900 million transactions in its first week, contributing to nearly 60% of the growth in Robinhood's event contract volume.

Meanwhile, due to weak institutional trading volumes, cryptocurrency trading volume has declined. Cryptocurrency revenue in the second quarter is expected to be below $134 million. Prediction market revenue is poised to surpass cryptocurrency revenue as soon as this quarter, becoming a higher-growth revenue source. (artemis)