Robinhood shares jump 16.6% as prediction markets gain momentum ahead of football season
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Robinhood shares surged as analysts highlighted rapid growth in its prediction-markets business, which is reducing reliance on crypto trading revenues. Q2 event-contract revenue ($156m) exceeded equity and crypto transaction revenue, and firms raised price targets ahead of NFL/college football season, seen as a demand catalyst. Key near-term risk is regulatory uncertainty around state authority over sports-related event contracts, which could affect platform economics.
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Robinhood shares surged 16.6% on Thursday to $124.72 as Wall Street analysts highlighted growth in the firm’s prediction markets that could reduce its reliance on crypto trading. Second-quarter event-contract revenue reached $156 million, up more than tenfold year over year, topping $129 million from equity transactions and $100 million from crypto transactions. Piper Sandler lifted its price target to $145 from $135, saying the U.S. football season could drive another strong stretch for prediction-market activity.
