Robinhood reported a record $1.31 billion in revenue for the second quarter of 2026, the company announced this week. The surge comes as prediction markets have taken over the role that crypto trading once played in driving the platform's business.
How prediction markets took the wheel
Prediction markets are now doing the work crypto used to for Robinhood. That's a big shift. In previous quarters, crypto trading was a major revenue driver — especially during the meme-stock and NFT frenzies. But this quarter, it's prediction markets that are bringing in the volume and the fees.
These markets let users bet on the outcome of real-world events — elections, sports, even weather. They've exploded in popularity this year. Robinhood, which added prediction market contracts to its platform earlier in 2026, is riding that wave.
Crypto's fading star
Crypto trading on Robinhood hasn't disappeared, but it's no longer the star. The platform's crypto revenue has declined as retail interest cooled and regulatory uncertainty lingered. Meanwhile, prediction markets offer a similar thrill — fast-paced, event-driven trading — without the same regulatory headaches.
The timing isn't great for crypto advocates who hoped 2026 would be a comeback year. But for Robinhood's bottom line, the pivot is working.
What the numbers show
The $1.31 billion figure is a record for Robinhood, beating its previous high from the 2021 meme-stock peak. The company didn't break out how much of that came specifically from prediction markets versus stocks or crypto. But the message from management is clear: prediction markets are now a core part of the business.
Revenue was up sharply from the first quarter, though Robinhood didn't provide a comparison in its announcement. The company's stock rose on the news.
Robinhood's next quarterly report, due in October, will show whether prediction markets can sustain this momentum. The platform faces competition from dedicated prediction market sites, but its massive user base gives it an edge. For now, the bet on betting is paying off.
