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Robinhood’s event contracts just became the company’s fastest-growing revenue line. The category pulled in $156 million during the second quarter of 2026 — a tenfold jump from the same period a year earlier — and it beat both equities and crypto in the process.
Options still sit at the top. They brought in $342 million for the quarter, up 29% year-on-year, and nothing is threatening that position anytime soon. But event contracts came in second at $156 million, ahead of equities at $129 million and cryptocurrencies at $100 million. That’s a pretty striking reversal for a product that only launched in March 2025. Robinhood’s total net revenue for the quarter ending June 30 hit $1.31 billion, up 32% year-on-year. Transaction-based revenue climbed 44% to $776 million, with event contracts doing a lot of the heavy lifting.
13.6 billion contracts. That’s the quarterly record Robinhood logged through its Prediction Markets Hub.
Rothera’s $17 Million Slice
Buried inside that $156 million figure is $17 million from Rothera, a CFTC-licensed exchange and clearinghouse that only launched in June. Rothera runs as a joint venture between Robinhood and Susquehanna International Group, and it operates independently from Robinhood’s Prediction Markets Hub. Over 3.5 billion contracts have already traded on Rothera since it opened — though that number can’t be stacked directly against the Hub’s 13.6 billion because the two venues count contracts differently.
The counting gap matters. Robinhood’s Prediction Markets Hub tallies each individual contract bought or sold as a separate unit. Rothera counts each matched pair of Yes and No contracts as a single traded contract. So the same underlying trading activity would produce a lower headline number on Rothera than on the Hub. It’s not a red flag — it’s just a different methodology — but it’s the kind of detail that gets lost when people compare the two figures side by side.
Rothera itself came out of a rebranding of MIAXdx. Robinhood and Susquehanna International Group rerouted contract volumes through the renamed venue, giving Robinhood its own exchange and clearing infrastructure rather than relying entirely on third-party venues. That’s a real shift operationally. Running your own clearinghouse means more control over how contracts are processed and settled, and it probably opens doors for handling larger volumes as the product scales.
What the Numbers Don’t Say
Robinhood didn’t break out profitability by product. So there’s no way to tell from the public numbers whether event contracts are actually profitable at the margin, or whether the growth is being subsidized by lower fees or heavy marketing. The company also didn’t offer any forward guidance on how the revenue mix might look in coming quarters. That’s a gap worth watching.
What’s clear is the growth rate. Going from a fraction of equities revenue to beating it outright — in roughly five quarters — is fast. Event contracts are basically a prediction market wrapper: users bet on binary outcomes, things like election results, economic data releases, sports outcomes. The category has been growing across the fintech space broadly, not just at Robinhood, as retail traders look for shorter-duration, outcome-based trades that don’t require owning an underlying asset.
Options traders aren’t going anywhere. The $342 million options figure is still more than double what event contracts brought in, and options have deep roots in Robinhood’s user base going back years. But the gap is narrowing faster than most people probably expected when the Prediction Markets Hub launched.
And the Rothera piece is still early. $17 million from a venue that’s been live for maybe a few weeks of the quarter isn’t nothing. If that run rate holds or grows through a full quarter, the contribution could look meaningfully different in the Q3 numbers.
Robinhood didn’t comment further on profitability or future projections after releasing the quarterly results. No details on whether Rothera’s fee structure differs from the Hub, or how the joint venture economics with Susquehanna International Group work in practice. Unclear whether that information comes out in a later filing.
The Prediction Markets Hub traded 13.6 billion contracts in a single quarter. Rothera, in its first partial quarter, moved 3.5 billion contracts total since opening. Both numbers are big. Whether the revenue attached to those volumes holds up — and whether Robinhood can eventually show what it actually earns at the product level — is probably the more important question heading into the back half of 2026.
Frequently Asked Questions
How much revenue did Robinhood’s event contracts generate in Q2 2026?
Robinhood’s event contracts brought in $156 million during the second quarter of 2026, making them the second-largest transaction revenue category behind options at $342 million.
What is Rothera and how does it connect to Robinhood?
Rothera is a CFTC-licensed exchange and clearinghouse launched in June 2026 through a joint venture between Robinhood and Susquehanna International Group; it contributed $17 million to Robinhood’s event contract revenue and had over 3.5 billion contracts traded since opening.
