Popular trading platform Robinhood (HOOD) is planning to expand its prediction markets product, which allows traders to buy and sell contracts based on future outcomes, beyond the U.S. and into global markets, the company told Bloomberg.
Robinhood sees international demand growing, especially in Europe and the UK. JB Mackenzie, vice president and general manager of futures and international at the company, said users abroad have shown particular interest in this new form of trading.
“We’re definitely looking to offer it globally, and my goal or focus is to make sure it’s a regulatory-compliant product everywhere we go,” Mackenzie told Bloomberg.
To that end, Robinhood has begun discussions with overseas regulators, including the UK’s Financial Conduct Authority, to explore how a localized version of the product could be structured, he said.
The move follows its recent partnership with blockchain-based and CFTC-regulated Kalshi, which lets users bet on the outcomes of real-world events such as elections, economic data releases or geopolitical developments.
Rise of prediction market
The push into prediction markets comes amid a surge of interest in event-based trading, sparked in part by the rise of crypto-native platform Polymarket. That platform has processed billions of dollars in wagers in 2024, largely tied to the outcome of the U.S. presidential election.
The platform became so popular that Polymarket was recently reported to be weighing a potential deal that valued the company at $9 billion, a sharp climb from its $1 billion valuation just a few months ago.
While Polymarket rose to fame, the market was somewhat constricted. Now, with Robinhood’s U.S. and potentially global offerings, it might open up the prediction market to a larger group of traders.
CoinDesk has reached out to Robinhood for comments.
