Robinhood CEO Vlad Tenev has said he expects to see a consolidation in the prediction markets sector and that the retail trading giant’s new platform will be a leading light.
Speaking on Robinhood’s Q1 analyst call on Tuesday, 28 April, Tenev suggested that the mass of platforms operating in the space today could be trimmed down in “the next couple of years”.
The market is currently dominated by Kalshi, with Robinhood serving as a broker to the New York-based firm.
While Kalshi is powering Robinhood’s prediction markets platform at present, it is due to launch its own product, Rothera, as part of a JV with Susquehanna International Group.
The JV acquired a 90% share in MIAXdx in January 2026 to build out a licensed designated contract market and clearing house.
Online sports betting giants such as FanDuel, DraftKings and Fanatics have all launch prediction markets recently, while DFS leaders Underdog and PrizePicks have also moved into the sector.
Novig, Sporttrade and ProphetX are all vying for share in the market, too. Polymarket, which remains unavailable in the US, is another looming giant.
Bloomberg reported this week that Polymarket had stepped up talks with US authorities, namely the Commodity Futures Trading Commission (CFTC), around returning to the market.
The ecosystem also includes Trump Media and DAZN, both of which are eying prediction market gains.
Some commentators have suggested the prediction markets race is akin to the early days of online sports betting in the US following the fall of PASPA in 2018.
Several dozen brands entered the sector, including the likes of European giants Unibet and 888, as well as media-led sites such as MaximBet, but failed to gain traction.
On the battle for market share, Tenev said: “There’s a variety of exchanges. There are the main ones that are in the news and also a lot of other players are growing their own exchanges, building their own and going through the CFTC process.
“There’s probably been over a dozen, probably more than that. I think we should expect to see some consolidation because, frankly, if you look at all the dozens of new exchanges popping up, there’s not really a lot of differentiation.
“I think differentiation really comes down to who has an established engaged customer base and who has a unique advantage with economics. One of the things I think we’re unique with is we’ve got 27 million funded accounts in the US.
“It’s hard to predict the exact timing. I don’t believe there will be dozens of designated contract markets in the future. I think there will be some consolidation, and I think we should see that shaking out in the next couple of years.”
While no specific figures around Robinhood’s prediction markets performance in Q1, bosses did say the product had delivered record volumes.
April is also on course to deliver around $3bn in volume, making it Robinhood’s second-highest month ever since launch.
Robinhood’s stock is down 10% in pre-market trading. Net revenue for Q1 rose 15% to $1.1bn (£814.7m).
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Vlad Tenev says retail trading firm’s new Rothera JV will put it in good stead to snare portion of the market which is set to be hotly contested
The post Robinhood CEO expects prediction markets consolidation in coming years first appeared on EGR Intel.