Robinhood's quarterly event revenue, Coinbase's annualized milestone and Gemini's smaller Q2 business show how uneven the diversification remains.

Coinbase reported Oct. 29 that its prediction markets business had surpassed $200 million in annualized net revenue, adding another income stream as crypto trading platforms seek growth beyond digital asset transactions.

The disclosure followed Robinhood's third-quarter results, in which event contracts generated $173 million against $120 million from cryptocurrencies. Robinhood's crypto revenue fell 55% from a year earlier, giving its event business an immediate financial role.

The earnings show prediction markets becoming a source of platform revenue, but they represent a substantial quarterly contribution at Robinhood, a growing annualized measure at Coinbase, and a much smaller business in Gemini's earlier results.

Robinhood earned $104 million from event contracts in the first quarter, $156 million in the second and $173 million in the third, according to its earnings materials and latest results.

Those quarters sum to $433 million in revenue for the first nine months of 2026, and quarterly revenue rose about 66% from the first to the third quarter. Third-quarter event-contract revenue accounted for about 12.1% of Robinhood's $1,424 million in total net revenue.

The crossover with crypto had already happened in the second quarter, when event contracts brought in $156 million and cryptocurrency transactions generated $100 million.

Coinbase's earnings presentation defines its prediction-market milestone as quarterly annualized net revenue for the most recent qualifying quarter.

The company also reported 82% compound quarterly growth in prediction-market revenue over the product's operating history.

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