Robinhood is about to make more money betting on the World Cup than trading crypto. Q1 2025: $3 million in event contract revenue. Q1 2026: $104 million. From 1% of net revenue to 10% in a single year, and Fundstrat thinks it jumped another 40% in Q2. Bernstein now expects prediction markets to pass crypto revenue this quarter, going from $150M in 2025 to $586M in 2026, then $1.7 billion by 2028. And they own the rails. Robinhood bought 90% of MIAXdx and launched Rothera, their own CFTC licensed exchange, with Susquehanna. 900 million contracts in the first week. Owning the exchange means they can cut fees to 0.6 cents per contract while everyone else charges two, and keep the entire economics instead of splitting it. Same playbook that made them a household name in stocks. The ca
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