Cryptocurrency-related contracts are emerging as a key driver in Robinhood’s prediction market, overtaking sports.

On Sept. 21, foreign media including blockchain outlet Decrypt reported that Robinhood CEO Vlad Tenev (블라드 테네브) said crypto categories account for a “disproportionately large share” of the company’s prediction market business and sports contracts could be pushed into a minority within a few years.

Tenev, appearing on CNBC’s “Mad Money”, said sports contracts were an entry point that drove early growth in the prediction market business. He said, “Sports was a very good tool to bring in users and secure liquidity and attention,” but added, “This industry is expanding far beyond sports.”

Earnings also support the growth trend in the prediction market business. Robinhood’s 2026 second-quarter event-contract revenue rose more than 10-fold from a year earlier to $156 million (about 214 billion won). That exceeds crypto trading revenue of $100 million (about 140 billion won) in the same period. Robinhood traded 13.6 billion event contracts in the second quarter.

Event contracts traded in August alone totalled 4.7 billion, about 15 times the 300 million in August 2025. Robinhood’s official monthly metrics show August event-contract volume fell 23 percent from 6.1 billion the previous month, but rose 15-fold from a year earlier.

Prediction markets allow trading on whether specific events such as interest rate decisions, elections and sports games occur, using “yes” or “no” contracts. The contracts are classified as derivatives regulated by the U.S. Commodity Futures Trading Commission (CFTC). Tenev said, “Already, other categories like crypto are taking up an excessively large share,” adding, “Within a few years, sports will really be a minority.”

Robinhood expanded its event-contract business based on Kalshi. Kalshi is a prediction market exchange that has been in a legal dispute with the CFTC over offering election-related contracts. Robinhood later added a joint venture, Roterra, set up with trading firm Susquehanna International Group. Roterra is an exchange and clearinghouse approved by the CFTC and began contract routing around the 2026 World Cup.

This month it also began a multi-year partnership with Crypto.com and prediction market platform OG.com. Robinhood will route some event contracts through OG.com’s CFTC-regulated exchange and clearing infrastructure and will also secure minority stakes in Crypto.com and OG.com. Robinhood will continue routing contracts through Kalshi, Roterra and ForecastEX.

Competition around prediction markets is also intensifying. CME, Coinbase and some decentralised platforms are moving to attract users in the event-contract market. Crypto-based platforms such as Polymarket have expanded prediction market businesses ahead of traditional brokerage firms.

Tenev is linking Robinhood’s prediction market business, including sports and crypto-related contracts, to the company’s strategy to expand ownership. He said, “A society where people own more high-quality financial assets is inherently more stable,” and stressed that prediction markets can directly connect ideas or insights to trades.

Tenev cited the “Clarity bill” being discussed in the U.S. Congress and said, “If you have a particular perspective on crypto market structure legislation, we have a market for that.”

U.S. politics is also continuing regulatory debate over prediction markets. Since January this year, bills targeting prediction markets have been introduced in succession, and the PREDICT Act includes provisions to restrict federal officials from trading prediction market contracts linked to political events. The bill was introduced in the House of Representatives on March 25, 2026.

Some also point out that placing sports or political contracts on platforms alongside traditional financial products such as retirement accounts could blur the line between investing and gambling.

Amid the continuing debate, Tenev forecast that sports contracts will fall to a minority share in Robinhood’s prediction market business “within a few years.”