Robinhood earned more from prediction markets than from stocks or crypto for the first time last quarter, with the betting business bringing in $156 million, more than ten times what it made a year earlier, according to Yueqi Yang at The Information. Prediction markets now make up 20% of Robinhood's trading revenue and trail only options, less than two years after the company launched its first contract on the 2024 presidential race. Much of the quarter's volume came from the World Cup, which only happens every four years, leading to an abnormally strong June and July months. Robinhood has also been routing bets away from Kalshi and toward Rothera, the exchange it opened with Susquehanna in June, and its orders now make up 17.5% of Kalshi's volume, down from nearly 50% a year earlier.
