Robinhood has taken equity stakes in Crypto.com and OG.com, the prediction market platform spun off from Crypto.com, as part of a multi-year infrastructure deal announced September 8, 2026. The online brokerage will route retail event contracts through OG.com’s CFTC-regulated derivatives exchange and clearinghouse, beginning Tuesday for eligible US customers.
OG.com was valued at $5 billion at its spin-off from Crypto.com. Robinhood’s equity stakes were priced at valuations established by Citadel Securities’ earlier investment in both entities. The deal represents a strategic shift for Robinhood, which launched a prediction markets hub with Kalshi in March 2025 but now pivots to OG.com’s regulated infrastructure.
Revenue Momentum in Event Contracts
Event contracts have become a material revenue driver for Robinhood. In Q2 2026, the platform generated $156 million in event contract revenue, up 10x year-over-year. This eclipsed equities transaction revenue of $129 million and crypto revenue of $100 million for the same quarter. Bernstein analysts estimate Robinhood’s total revenue could reach $1.7 billion by 2028, a projection that assumes continued growth in event contract adoption.
OG.com operates independently following its separation from Crypto.com. The platform plans to expand beyond prediction markets into futures and perpetual contracts, broadening its product offering beyond sports and political event contracts.
Regulatory Uncertainty Persists
The deal unfolds amid ongoing legal challenges to prediction market operators. In April 2026, a Nevada judge extended a ban on Kalshi offering event contracts in the state, finding that such contracts are indistinguishable from traditional betting. The judge rejected arguments that event contracts qualify as swaps under exclusive CFTC jurisdiction.
Last week, before the Robinhood-OG.com announcement, New Jersey petitioned the US Supreme Court on prediction market regulation. New Jersey Attorney General Jennifer Davenport has argued that “companies such as Kalshi claim to offer legal sports betting nationwide while refusing to comply with state gambling laws.”
The dispute centers on whether prediction markets fall under state gambling authority or remain exclusively within CFTC oversight. Prediction market operators and the CFTC contend that event contracts are derivatives subject only to federal regulation. Multiple US states, including Nevada and New Jersey, have applied gambling law frameworks to challenge this position, creating a regulatory fault line that Robinhood’s partnership with OG.com now navigates.
