Vlad Tenev, CEO of Robinhood Markets Inc. (NASDAQ:HOOD), said on Tuesday that the company aims to make prediction markets work “really well” without limiting the options available to customers.
Customers Need to Have Choices, Says Tenev
During the third-quarter earnings call, Tenev said Robinhood is working to integrate prediction markets with its personal-finance offerings and plans to invest further in “personalization” and surfacing “relevant content” to customers.
Tenev was asked how Robinhood handles order-routing decisions while holding stakes in third-party venues, including Crypto.com’s prediction-markets platform, OG, while operating Rothera, its primary managed exchange.
“We want to give our customers the best prediction markets experience, and we want them to have choices too. I don’t think we can send all of our flow to one venue,” he responded.
Tenev argued that combining Rothera with Crypto.com could improve “execution quality” while broadening access to the assets customers want to trade.
Tenev’s remarks follow a multi-year agreement under which Robinhood would add contracts from Crypto.com’s prediction-market platform, OG, to its app. The deal also includes minority stakes in both Crypto.com and OG.
While Rothera serves as Robinhood’s primary venue for event contracts, it also routes or connects with other regulated exchanges, including Kalshi.
Prediction Market Revenue Continues to Grow
Robinhood reported $173 million in event contract revenue in the third quarter, up more than six times year-over-year. A record 16.4 billion event contracts were traded on the platform.
The third-quarter revenue rose 12% year over year to $1.424 billion, narrowly beating analyst expectations of $1.422 billion. The cryptocurrency transaction revenue, however, plunged 55% to $120 million.
Price Action: Robinhood shares dived 7.63% in after-hours trading, according to Benzinga Pro. The stock closed 1.85% higher at $94.56 during Tuesday’s regular trading session.
Benzinga’s Edge Stock Rankings indicate that HOOD has a weaker price trend in the short, medium and long term.
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