Robinhood’s chief brokerage officer (CBO), Steven Quirk, has said the business has not seen “meaningful churn” of customers from prediction markets – the fastest-growing segment by revenue.
Speaking during JP Morgan’s 54th annual Global Technology, Media and Communications Conference on 19 May, Quirk was asked by Bowery Capital’s Nick Setyan whether Robinhood was experiencing similar player churn rates that most sportsbooks experience.
“We haven’t seen meaningful churn,” he replied. “The question we often get asked is who’s using these? Is this your core customer? Is this somebody who’s only using these? Is this somebody who’s a crypto enthusiast as well?
“It’s completely different across different segments. Election contracts are different than weather, are different from economic indicators, [which] are different that sports and it tends to resurrect people and then they’ll come into the other asset classes as well.”
In his answer, Quirk also mentioned Rothera, the JV with Robinhood and Susquehanna International Group.
As it stands, Kalshi is powering Robinhood’s prediction markets, yet the JV is seeking to launch its own designated contract market (DCM), accelerated by the acquisition of a 90% stake in exchange and clearing house MIAXdx in November 2025.
Explaining the reasoning behind that move, Quirk added: “The way we picture these event contracts is we’re in the very early innings of all the categories. Where we’re going to see these contracts and sports is one category.
“But I think you’re going to see an expansion of categories across things that look closer to securities, which is our core business.
“That’s one of the reasons why we’re standing up Rothera, because we want to have control over how we navigate the landscape and roll out the products.”
He added: “By coming together [with Susquehanna] and creating our own exchange, it gives us the freedom to drive product development, to drive who liquidity providers are and to drive the economics and the experience for our customers, which is going to be beneficial across the entire spectrum.”
The question regarding customer churn is pertinent given recent reports that the majority of customers lose on platforms like Kalshi and Polymarket.
An article from Bloomberg at the end of April claimed that data from millions of prediction market accounts showed profits are dominated by a small number of highly active accounts.
At the start of May, The Wall Street Journal found “67% of profits go to just 0.1% of accounts” on Polymarket.
The newspaper, which analysed 1.6 million Polymarket accounts that have traded since November 2022, said that more than 70% of regular traders lose money, often competing against automated bots and big data.
Meanwhile, a report from the Social Science Research Network, posted in April but written in March, studied trading gains and losses on Polymarket between 2022 and 2026 and found “the top 1% of users capture 76.5% of all trading gains”.
In 2025, Robinhood processed 12 billion event contracts and reported a record quarterly volume of 8.5 billion trades in the final three months of the year.
Elsewhere, the prediction markets regulator, the Commodity Futures Trading Commission, announced on 19 May it had filed a lawsuit against Minnesota after Governor Tim Walz signed legislation banning and criminalising event contracts in the state.
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Chief brokerage officer says the retail trading firm has found prediction markets tend to attract customers from the platform’s other asset classes
The post Robinhood reports no “meaningful churn” from prediction market users first appeared on EGR Intel.