Copyright Benzinga
Robinhood Markets (NASDAQ:HOOD) launched prediction markets on the 2024 presidential election and sports outcomes through a partnership with Kalshi. The move, which was viewed as a potential disruptor to the sports betting sector, is now expanding into the entertainment and financial spaces with hundreds of new markets launched. • HOOD stock is moving in positive territory. Check the fundamentals here. Robinhood Launches Entertainment, Financial, Technology Prediction Markets After hitting significant milestones in the prediction market space for sports outcomes, Robinhood has new tricks up its sleeve with numerous new categories and markets available to customers. A quick look at the Robinhood Prediction Markets tab reveals new categories such as Entertainment, Esports, Financial and Technology. In the Entertainment tab, Robinhood users can predict nominations for the 2026 Grammy Awards, and whether Taylor Swift will perform at the ceremony. Users can also predict which movies will get nominated for Golden Globe Awards and Academy Awards. Under the People subsection of Entertainment, users can predict items like who TIME will name as the Person of the Year for 2025 or who the number-one-searched person on Google will be in 2025. Pope Leo XIV and President Donald Trump are both favorites in those categories. Users can also predict who the top artist on Spotify will be and how many weeks Taylor Swift will spend at number one on the Billboard Hot 100 during 2025. There is also a market for how many YouTube subscribers content creator MrBeast will end 2025 with. Under the TV subsection, there are also wagers available on which TV shows will get cancelled, who will host "Saturday Night Live" and who will win "Dancing with the Stars." Outside of Entertainment, there are prediction markets on Financial items, such as where the S&P 500 will close at the end of the year, which companies will announce IPOs before the end of the year and whether Tesla shareholders will approve the pay package for Elon Musk. Other new categories like Space, Science and Technology allow wagers on items like SpaceX launches in 2025, which AI will be best in the year and the number of cities Waymo will operate in for the year. Read Also: Robinhood Q3 Preview: Diversification Efforts Could Lead To Record Revenue Prediction Market Growth Robinhood continues to look for ways to diversify its business from just stocks, options and cryptocurrency trading. Prediction markets are one of the company's latest bets and a fast-growing one. Robinhood CEO Vlad Tenev recently said the company has reached four billion milestone for event contract volume, highlighting the market's rapid growth. "Robinhood Prediction Markets just crossed 4 billion event contracts traded all-time, with over 2 billion in Q3 alone. And we're just getting started," Tenev announced in a post on X. A Robinhood executive also recently signaled that the company was open to potential deals to acquire companies in the prediction markets space. Prediction markets will likely be a big topic on Wednesday when Robinhood reports third-quarter financial results after market close. Analysts expect the company to report record revenue of $1.19 billion for the quarter, which would break the previous record of $1.01 billion set in the fourth quarter of fiscal 2024. The company has beaten analyst estimates for revenue in three straight quarters and in nine of the last 10 quarters overall. The company has beaten analyst estimates for earnings per share in three straight quarters and in eight of the last 10 quarters overall. Robinhood Shares Climb Ahead of Earnings Robinhood stock is up 2.3% to $139.99 on Wednesday at publication versus a 52-week trading range of $26.74 to $153.86. Robinhood shares are up 254.9% year-to-date in 2025. Read Next: Robinhood CEO Brushes Off Concerns Prediction Markets Are Gambling: ‘They Have Societal Value Across All Categories’ Photo: Shutterstock
