Robinhood Takes Equity Stakes in Crypto.com and OG.com, Routes NFL Contracts Starting September 8

Robinhood will take minority equity stakes in both Crypto.com and OG.com, according to The Defiant's reporting, and route college and pro football prediction contracts to OG.com's CFTC-regulated exchange beginning in phases to eligible U.S. customers starting September 8, 2026.

OG.com operates through North American Derivatives Exchange (Nadex), a designated contract market and derivatives clearing organization registered with the CFTC. Crypto.com agreed to acquire Nadex from IG Group in December 2021. Inside the Crypto.com app, the exchange does business as Crypto.com | Derivatives North America (CDNA); traders access it under the OG.com brand.

Robinhood's event contract revenue surged more than 10-fold year-over-year to $156 million in the second quarter, per Decrypt's reporting. The company has routed contracts to Kalshi and ForecastEX on an arm's-length basis since its prediction markets product launched roughly two years ago. Customers have traded more than 45 billion event contracts in that period, including more than 30 billion this year through August. Robinhood traded 13.6 billion contracts in Q2 alone, and more than 5 billion traded during the World Cup.

Neither Robinhood nor OG.com disclosed the size of the equity stakes or purchase price. According to Decrypt's reporting, Robinhood's equity stakes in Crypto.com and OG.com are priced in line with Citadel Securities' July investment, which valued Crypto.com at $20 billion. OG.com's standalone spin-off is valued at $5 billion, per the same reporting.

Robinhood already operates Rothera, a CFTC-licensed exchange and clearinghouse as a joint venture with Susquehanna International Group, which launched in June. College and pro football contracts will be split across OG.com, Kalshi and Rothera depending on what each exchange lists, per The Defiant. Robinhood is adding contracts on game outcomes, player contracts and custom combos, plus a filtered trading hub. Player stats and standings data will come later this fall.

Midterm election contracts stay with Kalshi and Rothera for now, with expansion to Crypto.com and OG.com possible in the coming weeks. Robinhood's election hub will add interactive state and federal heat maps this fall and near real-time vote counts once polls close.

Prediction markets are Robinhood's fastest-growing business line, while crypto trading revenue fell 38%, according to Decrypt. The category is consolidating rapidly: Kalshi and Polymarket took 93% of prediction market volume in August as two smaller venues shut down, per The Defiant's reporting. Crypto.com won conditional approval for a U.S. national trust bank charter in February, according to Decrypt.

The regulatory ground under prediction markets remains unsettled. On August 28, the Ninth Circuit ruled that Kalshi's sports contracts are not swaps, splitting with the Third Circuit and opening Nevada gaming enforcement against the same product Robinhood is now expanding for football season, per The Defiant. Robinhood's equity stakes in OG.com and Crypto.com create financial incentive to route volume toward those venues, and the company is considering expansion to equity-linked perpetual futures pending regulatory clearance, per Decrypt.

The Bottom Line: Robinhood's dollar stake in OG.com and Crypto.com and the football season timing suggest material volume will flow to those exchanges. The regulatory clash between the Ninth and Third Circuits on prediction market classification, and Nevada gaming enforcement, will determine whether this routing strategy faces legal challenge or proceeds as planned.