Tenev Sees Crypto Contracts Overtaking Sports on Robinhood

Robinhood CEO Vlad Tenev expects crypto-related event contracts to overtake sports on the company’s prediction-market platform within a few years. He made the forecast in an interview with CNBC’s Jim Cramer, saying other categories are already taking a sizable share.

Tenev described sports as a way to attract users and build activity, not the end point for the business. On Robinhood’s September 9 investor call, he also said interest in economics and crypto contracts had grown over recent months.

Prediction markets let customers trade contracts tied to whether an event happens, such as a sports result or a crypto price target. Tenev’s pitch is that traders can use the same app to buy crypto and trade contracts based on their views of the market.

The business has grown quickly. Robinhood reported $156 million in event-contract revenue in the second quarter of 2026, up more than tenfold from a year earlier. Customers traded 13.6 billion contracts during the quarter.

Crypto trading revenue moved in the opposite direction: it fell 38% year over year to $100 million in Q2. The contrast shows that the prediction-market business is growing even as revenue from direct crypto trading has weakened.

Robinhood has not disclosed a detailed breakdown of its event-contract activity by category. Tenev’s forecast is a view about where the mix may go, not a company target backed by published data showing crypto contracts have already surpassed sports.

The company is widening the venues that handle its contracts. It routes activity to Kalshi, ForecastEX and Rothera, its joint venture with Susquehanna, and began sending some football contracts to Crypto.com’s OG.com platform in September.

Investors will be watching whether interest in crypto contracts holds beyond periods of active trading, and whether users return for non-sports markets. Robinhood’s next updates on contract volumes and revenue can show whether Tenev’s forecast is taking shape.