Robinhood Markets said Tuesday it will route a selection of college and pro football event contracts to the CFTC-regulated exchange and clearinghouse operated by Crypto.com, and that it will hold equity stakes in Crypto.com and in OG.com, the prediction-market business Crypto.com is spinning off as a standalone company.
That makes OG.com the second venue on Robinhood's routing table in which the broker owns a piece. Robinhood already sends contracts to Rothera, the CFTC-licensed exchange and clearinghouse it runs as a joint venture with Susquehanna International Group and began routing to in June. Its other two destinations, Kalshi and ForecastEX, are arm's-length. JB Mackenzie, Robinhood's VP and GM of futures and prediction markets, said in the announcement from OG.com: the deal "gives us even more skin in the game."
The equity will be priced in line with the $400 million Citadel Securities put into Crypto.com in July at a $20 billion valuation, according to Robinhood. Neither company disclosed the size of the stakes or what Robinhood is paying for them.
OG.com's release puts its own standalone valuation at $5 billion, carved out of that same $20 billion mark. Crypto.com's July announcement of the Citadel Securities investment named neither OG.com nor a spin-off.
