Sports Betting Built the Prediction Market Boom. Is It Headed for a Ban?
AI summary
Robinhood reported $173 million in revenue from event contracts last quarter, compared with $120 million from crypto, with most of the growth coming from sports wagers, according to its quarterly filing. Event contracts let customers bet on game, election or other outcomes, and platforms such as Kalshi have driven the prediction market boom. The story raises the question of whether regulators could move to ban sports-based event contracts, a risk that matters to exchanges and brokers building revenue around them.
