Robinhood Derivatives / Rothera

Menlo Park, CA

Event ContractsSportsElection MarketsEconomic Indicators (PCE, Jobless Claims)Soccer / World Cup

Retail brokerage that began offering event contracts through partner exchanges in 2024.
Q1 2026 earnings: prediction-markets revenue +320% YoY to $147M; April volume tracking ~$3B.
Rothera operationalized under MIAXdx ahead of Q2 launch; World Cup routing began June 5, 2026.
Robinhood Markets was fined $45M by the SEC in January 2025; the SEC closed its Robinhood Crypto investigation without action in February 2025.
Q2 2026 earnings (reported July 29): total net revenue $1.31B (+32% YoY); event-contracts revenue $156M (up more than 10x YoY) on 13.6 billion contracts traded, surpassing crypto-trading revenue ($100M) for the first time.
Rothera contributed $17M of that since its June launch, with CEO Vlad Tenev calling it a top-three US DCM at 3.5B contracts traded to date; Robinhood still routes roughly 60% of weekly prediction-market volume to Kalshi.

Regulatory risk score

Licensing

DCM: Operating via MIAXdx (Rothera JV)

SEF: N/A

State coverage: Targeted in multi-state C&Ds and CFTC counter-suits

Jurisdiction strategy

Pivoting from Kalshi reseller to operator of its own CFTC-licensed DCM via Rothera (Robinhood/Susquehanna/MIAX JV, 45/45/10), which closed in January 2026.
First own-stack event contracts (baseball, jobless claims, core PCE) self-certified April 30, listing May 20.
On June 4-5, 2026, Robinhood began routing World Cup soccer contracts to Rothera — the first large-scale commercial deployment of the new exchange — ahead of the June 11 World Cup kickoff.
Rothera fees are capped at 1 cent per contract vs. Kalshi's 2-cent maximum.
On July 29, 2026, a federal court denied the CFTC's bid to shield Robinhood and its co-defendants from Wisconsin's state enforcement suits, which may now proceed.

No enforcement actions matching this operator by name.

AI-generated analysis from broader market, trading, and industry-press signals — not a primary regulatory source and not legal advice.

Jul 31, 2026earningsrotheradistribution
Robinhood's Q2 print (reported July 29-30) marks a turning point: prediction-markets revenue ($156M) outpaced crypto trading ($100M) for the first time, with Rothera processing 2.1B contracts in its first month live. Still, roughly 60% of weekly prediction-market volume — over $1B — continues to route to Kalshi rather than Rothera, and a reported July 27 conversation about carrying Crypto.com's contracts suggests the hybrid, multi-exchange posture is far from finished.

Scoring is illustrative and based on public information. SiaPredict does not provide legal advice.