Robinhood (HOOD) CEO Vlad Tenev said during Yahoo Finance’s Invest event on Thursday that the company’s entry into prediction markets has been its biggest product launch this year.
And it’s the fastest-growing product in company history.
On the company’s earnings call last week, Tenev said the prediction market business was on track to become a $300 million annual revenue business, based on its October performance, which doubled from the prior quarter.
“We also announced [that in October], we’ve traded more contracts, at about 2.5 billion, than all of Q3 put together,” Tenev said. “So that’s been ramping extremely quickly.”
Launched in March, Robinhood’s prediction market business allows users to buy or sell event contracts on sporting events, elections, and more.
It could be a highly lucrative market for Robinhood, as two-thirds of its users also use mobile sports…
