Robinhood CEO Tenev Says Crypto Contracts Will Overtake Sports in Prediction Markets

Robinhood (HOOD) CEO Vlad Tenev said crypto-linked event contracts will surpass sports wagers as the majority of the brokerage's prediction-market volume within a few years, calling sports a customer-acquisition "wedge" rather than the endgame. Speaking on CNBC's "Mad Money" on Sept. 21, 2026, Tenev said crypto is already taking a disproportionate share of the business. Event-contract revenue surged more than tenfold year over year to $156 million in the second quarter of 2026, making prediction markets Robinhood's fastest-growing line while crypto trading revenue declined. Contracts traded 4.7 billion times in August alone, roughly 15 times the prior-year volume. Robinhood runs the hub on Kalshi, backed by its CFTC-licensed venture with Susquehanna, and this month took minority stakes in Crypto.com and its OG.com spinoff. CME, Coinbase and decentralized platforms are competing for the same market. Lawmakers have introduced more than 10 bills since January targeting event contracts.