Robinhood Markets said Tuesday it will route a selection of college and pro football event contracts to the CFTC-regulated exchange and clearinghouse operated by Crypto.com, and that it will hold equity stakes in Crypto.com and in OG.com, the prediction-market business Crypto.com is spinning off as a standalone company.
That makes OG.com the second venue on Robinhood's routing table in which the broker owns a piece. Robinhood already sends contracts to Rothera, the CFTC-licensed exchange and clearinghouse it runs as a joint venture with Susquehanna International Group and began routing to in June. Its other two destinations, Kalshi and ForecastEX, are arm's-length. JB Mackenzie, Robinhood's VP and GM of futures and prediction markets, said in the announcement from OG.com: the deal "gives us even more skin in the game."
Priced Off Citadel
The equity will be priced in line with the $400 million Citadel Securities put into Crypto.com in July at a $20 billion valuation, according to Robinhood. Neither company disclosed the size of the stakes or what Robinhood is paying for them.
OG.com's release puts its own standalone valuation at $5 billion, carved out of that same $20 billion mark. Crypto.com's July announcement of the Citadel Securities investment named neither OG.com nor a spin-off.
Kris Marszalek, founder and chief executive of both Crypto.com and OG.com, said the company is "looking forward to making OG.com the most liquid venue globally for innovative derivative instruments, starting with prediction markets and quickly expanding into futures and perpetuals."
Nadex Under A New Name
The exchange taking Robinhood's flow already existed under a different name. OG.com's event markets run through North American Derivatives Exchange, Inc. — Nadex — a designated contract market and derivatives clearing organization registered with the CFTC, and the entity Crypto.com agreed to buy from IG Group in December 2021 alongside the Small Exchange. OG.com also operates a registered futures commission merchant.
The same exchange trades under two brands. Inside the Crypto.com app it does business as Crypto.com | Derivatives North America, or CDNA; the trader-facing app carries the OG.com name, a brand Nadex disclosed in a weekly exchange notice in February.
OG.com describes the Robinhood agreement as its largest prediction-markets partnership by transaction volume.
Football First, Midterms Later
The rollout is phased, starting Tuesday with eligible U.S. customers. College and pro football contracts will be split across OG.com, Kalshi and Rothera depending on what each exchange lists, and Robinhood is adding contracts on game outcomes, player contracts and custom combos, plus a filtered trading hub. Player stats and standings data come later this fall.
Midterm election contracts stay with Kalshi and Rothera for now. Robinhood said expansion to Crypto.com and OG.com is possible "in the coming weeks," and that its election hub will add interactive state and federal heat maps this fall and near real-time vote counts once polls close.
Thirty Billion Contracts This Year
Robinhood said customers have traded more than 45 billion event contracts since the product launched roughly two years ago, including more than 30 billion this year through the end of August. The company reported 13.6 billion contracts in the second quarter alone, generating $156 million in revenue, more than ten times the year-earlier figure, per its Q2 results. More than 5 billion contracts traded during the World Cup.
Chief executive Vlad Tenev, quoted in Robinhood's own post, has called prediction markets "the fastest growing business in our history" and said the company is "just at the beginning of a Prediction Markets supercycle."
The category's competitive picture has been narrowing around Kalshi, which took the bulk of volume through the summer. Kalshi and Polymarket together took 93% of prediction market volume in August as two smaller venues shut down, The Defiant reported. Robinhood's routing decisions are now one of the few levers that can move share toward a third venue, and the broker has an equity interest in where that share lands.
Regulatory ground under the product is unsettled. The Ninth Circuit ruled on Aug. 28 that Kalshi's sports contracts are not swaps, splitting with the Third Circuit and opening Nevada gaming enforcement against the same product Robinhood is now expanding for football season.
CRO Rises On The Deal
Cronos, the token tied to Crypto.com, traded at $0.0604 on Tuesday morning, up about 4% over 24 hours, with a market capitalization of $2.93 billion, per CoinGecko. The token is up roughly 23% over 30 days.
Robinhood shares were at $123.32, up about 1%, in Tuesday morning trading. The Defiant reported in July that Bernstein had lifted its Robinhood price target to $160 on the strength of the prediction-markets business.
Market data retrieved Sept. 8, 2026.