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Markets · Investing · Business
Finance
Robinhood's Fastest-Growing Business Isn't Trading Stocks
One of the brokerage's revenue lines grew more than 10-fold in a year. It isn't crypto, either.
Robinhood Markets(NASDAQ:HOOD) built its brand on free stock trades. But the fastest-growing business it runs today isn't stock trading -- or options or crypto, either. It's prediction markets, where customers buy contracts that pay $1 if they call an outcome right (an election, say, or a football game) and nothing if they don't.
In the second quarter, these event contracts, as Robinhood calls them, produced $156 million of revenue, more than 10 times the year-ago figure.
Details
Nothing else the company sells comes close to that growth rate. Options revenue rose 29% year over year. Equities revenue jumped 95%. Crypto revenue fell 38%.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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