Robinhood Takes Stakes In Crypto.com And OG.com, Routes Football Contracts To Their Exchange

Robinhood said it will begin sending a selection of college and professional football event contracts to the CFTC-regulated exchange and clearinghouse operated by Crypto.com, and that the brokerage will take equity stakes in both Crypto.com and OG.com, the prediction-market business being spun out as a standalone company valued at $5 billion. The agreement launches on Tuesday for eligible U.S. customers and is being introduced in phases, with football contracts split across OG.com, Kalshi and Rothera depending on which exchange lists each market.

OG.com's event markets run through the North American Derivatives Exchange (Nadex), a designated contract market and derivatives clearing organization registered with the CFTC that Crypto.com agreed to buy from IG Group in December 2021. Inside Crypto.com's consumer app the product operates under a Crypto.com Derivatives North America brand; the trader-facing app uses the OG.com name. Robinhood said the new partnership with OG.com is its largest prediction-markets partnership by transaction volume.

The broker already routes contracts to Rothera, a CFTC-licensed exchange and clearinghouse it operates as a joint venture with Susquehanna International Group, and also sends flow to Kalshi and ForecastEX, which are arm's-length. Robinhood did not disclose the size of its stakes in Crypto.com or OG.com, but said the equity will be priced in line with the Citadel Securities investment announced in July that valued Crypto.com at $20 billion.

Product rollout will start with game outcomes, player contracts and custom combos plus a filtered trading hub; player statistics and standings data are scheduled to arrive later this fall. Midterm election contracts will remain on Kalshi and Rothera for now, though Robinhood said expansion to Crypto.com and OG.com is possible "in the coming weeks," and its election hub will add interactive maps and near-real-time vote counts when polls close. The announcement comes as Robinhood's event-contract business has grown rapidly: customers have traded more than 45 billion event contracts since launch, including over 30 billion this year through the end of August; the company reported 13.6 billion contracts in Q2, generating $156 million in revenue for the quarter.

Regulatory uncertainty sits in the background: a Ninth Circuit ruling on Aug. 28 found that Kalshi's sports contracts are not swaps, a decision that differs from the Third Circuit and raises potential state-level gaming enforcement questions for similar products. Market reactions included a rise in Cronos (CRO) token price—about 4% to $0.0604 and up roughly 23% over 30 days—with a market capitalization of about $2.93 billion, and Robinhood shares trading near $123.32 in Tuesday morning activity, according to market data cited by the companies.