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Robinhood is betting on itself. Literally.
The company has started routing select FIFA World Cup event contracts through Rothera, the derivatives exchange it co-owns with Susquehanna International Group, rather than relying entirely on Kalshi. The move covers individual match outcomes, overall tournament winners, and total goals contracts.
Robinhood shares climbed more than 6% following the announcement.
Why Robinhood is building its own exchange
Rothera received CFTC approval and began self-certifying soccer event contracts in May 2026, with certification filings for four specific soccer contracts submitted on May 28. Rothera reported over $2 million in trading volume during a recent weekend. Robinhood was previously handling around 3 billion event contracts per month, generating roughly $30 million in monthly revenue.
Robinhood entered the prediction markets space in early 2025 through a partnership with Kalshi, initially focusing on NFL and college football contracts. In November 2025, Robinhood alongside Susquehanna International Group acquired a majority stake in the LedgerX exchange, which has since been rebranded as Rothera. CEO Vlad Tenev emphasized Rothera’s plans for a Q2 2026 launch during recent earnings calls, pointing out the benefits of having a fully integrated market platform over previous fee-sharing arrangements with partners.
The World Cup as a stress test
The 2026 FIFA World Cup is hosted across the US, Canada, and Mexico. Not everything is moving off Kalshi — some World Cup contracts will remain on the third-party exchange while Robinhood gauges Rothera’s performance under live conditions.
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