Robinhood's Non-Sports Markets Accelerate
Robinhood is experiencing rapid growth in its non-sports prediction markets, with contracts tied to Bitcoin, gold, and oil emerging as the platform's fastest-growing segments. According to a statement from the company's head of futures and prediction markets on Friday, retail traders are increasingly diversifying their wagers away from traditional sports betting and into commodities and cryptocurrencies.
This shift in user behavior aligns with a broader crypto market rally, with Bitcoin trading at $81,344 and Ethereum reaching $2,387 this week, driving heightened interest in digital asset event contracts.
Context and Implications
The pivot toward financial and commodity markets comes as the broader prediction market sector processes unprecedented capital. Data from DeFiRate shows that over the 30 days ending October 21, Kalshi recorded $81.5 billion in trading volume, while Polymarket's combined US and international platforms handled $17.2 billion. As traders evaluate these competing platforms, market mechanics are coming under closer scrutiny. Recent analysis indicates that a hypothetical 100-contract trade bought at 40 cents and sold at 60 cents yields nearly identical taker profits across Polymarket US and Kalshi, though resting orders and funding methods can alter the final comparison.
The demand for crypto-native prediction markets is also reshaping competitor strategies. Underdog, which boasts more than 11 million registered accounts, is preparing to introduce cryptocurrency and stablecoin deposits through a partnership with infrastructure provider zerohash. The new funding option will supplement existing methods like Apple Pay, debit cards, and bank transfers, allowing users to deposit digital assets around the clock without managing wallet addresses or selecting blockchain networks.
Underdog, which generated $1.4 billion in 30-day volume—a 133% increase from the previous period—is currently finalizing a $1.3 billion acquisition by IG Group, expected to close in late 2026 or early 2027. As Robinhood expands its Bitcoin and gold offerings, the integration of seamless funding methods and competitive taker fees across the industry highlights a maturing market moving decisively beyond its sports-betting origins.