Robinhood's prediction market revenue expected to surpass crypto revenue in Q2

Odaily Planet Daily News: 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. During the second quarter up to June 25, Robinhood's event contract trading volume reached approximately 12.3 billion contracts. Based on the standard fee rate of $0.01 per contract, the prediction market revenue for the quarter is estimated to be at least $1.23 million. Meanwhile, Rothera, its recently launched prediction market platform, achieved over 900 million trades in its first week, contributing nearly 60% of the growth in event contract trading volume.

At the same time, due to weak institutional trading volume, cryptocurrency trading volume has declined, and Q2 crypto revenue is expected to be below $134 million. Prediction market revenue is expected to surpass cryptocurrency revenue as early as this quarter, becoming a higher-growth revenue source. (artemis)