Prediction markets bring Robinhood $173 million as crypto revenue slumps
Photo: CryptoSlate
Coinbase reported Oct. 29 that its prediction markets business had surpassed $200 million in annualized net revenue, adding another income stream as crypto trading platforms seek growth beyond digital asset transactions. The disclosure followed Robinhood's third-quarter results, in which event contracts generated $173 million against $120 million from cryptocurrencies. Robinhood's crypto revenue fell 55% from a year earlier, giving its event business an immediate financial role. The earnings show prediction markets becoming a source of platform revenue, but they represent a substantial quarterly contribution at Robinhood, a growing annualized measure at Coinbase , and a much smaller business in Gemini's…
Source: CryptoSlate
