Robinhood Reportedly in Talks With Crypto.com to Expand Prediction Markets
Key Takeaways
- •Robinhood has reportedly held talks with Crypto.com about adding the exchange’s yes-or-no event contracts to its prediction markets service.
- •Robinhood launched its prediction markets hub in March 2025 and has used providers including Kalshi, ForecastEx and Rotella.
- •Bernstein raised its Robinhood price target to $160 from $130, citing the company’s prospects in prediction markets and tokenized equities.
- •Bernstein projected that Robinhood’s prediction markets revenue could reach $1.7 billion by 2028 and that market volumes could reach $1 trillion by 2030.
- •Prediction market operators in the United States face legal disputes between the CFTC, which claims jurisdiction over event contracts, and state gaming authorities seeking limits.
Robinhood is reportedly exploring an expansion of its prediction markets business through discussions with cryptocurrency exchange Crypto.com, as prediction market operators in the United States continue to face legal disputes involving state and federal authorities.
According to a Friday Wall Street Journal report citing people familiar with the matter, Robinhood has been in talks with Crypto.com to list yes-or-no event contracts supplied by the exchange. Robinhood, the company behind the cryptocurrency and stock trading app, already operates a prediction markets offering and is reportedly considering adding Crypto.com’s contracts to that service.
Robinhood launched its prediction markets hub in March 2025. The product was initially facilitated by Kalshi in order to comply with regulatory requirements from the US Commodity Futures Trading Commission (CFTC), and later used ForecastEx and Rotella. Prediction market contracts generally allow users to take positions on the outcome of specific events, placing them at the center of ongoing disputes over whether such products should be treated as federally regulated event contracts or restricted by state gaming authorities.
The reported discussions with Crypto.com came just days after Bernstein analysts raised their price target on Robinhood (HOOD) stock to $160 per share from $130. The analysts cited the company’s outlook for prediction markets and tokenized equities, and predicted that Robinhood’s revenue from prediction markets could reach $1.7 billion by 2028.
Bernstein also said in April that prediction market volumes could reach $1 trillion by 2030. However, many prediction market platforms in the United States are still involved in legal challenges between federal regulators and state authorities, making the regulatory outcome a key issue for companies seeking to expand these products.
The CFTC has asserted that it has “exclusive jurisdiction” over companies’ event contracts. At the same time, gaming authorities in multiple states have filed lawsuits seeking to block or restrict prediction market activities.
