TLDR Robinhood’s Rothera exchange is now a top-three prediction market exchange in the US. Nearly two million customers have traded prediction markets on Robinhood. Event contract revenue hit $156 million in the second quarter, up tenfold from last year. Robinhood posted $1.31 billion in total net revenue for the second quarter. Executives expect most prediction market trading to shift to Rothera over time.
Robinhood’s prediction market business is growing fast. Nearly two million customers traded event contracts during the second quarter of 2026.
The company’s new exchange, called Rothera, launched in June. It was built as a joint venture with Susquehanna.
Robinhood CEO Vlad Tenev said Rothera has quickly become one of the three largest federally regulated futures and event contract exchanges in the United States.
He said the exchange is a top-three designated contract market, known as a DCM, in the country.
Rothera Gains Ground Quickly
Robinhood launched Rothera to gain more control over its prediction market business. Before the launch, most orders went through outside exchanges like Kalshi and ForecastEx.
Robinhood still plans to keep working with those exchanges. The company said customers will keep access to multiple trading venues.
Chief Financial Officer Shiv Verma said most prediction market activity should move to Rothera over the near to medium term.
Tenev said the goal is for Rothera to keep growing beyond its current spot among the top exchanges.
User Numbers and Revenue Climb
Robinhood’s prediction market user base grew close to one-third since the first quarter. That quarter had about 1.5 million users.
Executives said the growth comes from more events being offered for trading, not from short bursts of activity.
Tenev pointed to the FIFA Club World Cup as an early example of demand for Rothera. He said prediction markets have events happening all