Robinhood's Fastest-Growing Business Isn't Trading Stocks
By newsfeedback@fool.com (Daniel Sparks)
Read original article on Motley FoolRobinhood Markets (NASDAQ:HOOD) built its brand on free stock trades. But the fastest-growing business it runs today isn't stock trading -- or options or crypto, either. It's prediction markets, where customers buy contracts that pay $1 if they call an outcome right (an election, say, or a football game) and nothing if they don't.
In the second quarter, these event contracts, as Robinhood calls them, produced $156 million of revenue, more than 10 times the year-ago figure.
Nothing else the company sells comes close to that growth rate. Options revenue rose 29% year over year. Equities revenue jumped 95%. Crypto revenue fell 38%.
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