According to Odaily, Robinhood’s prediction market business is growing rapidly. Chief Brokerage Officer Steven Quirk said the platform has achieved a $500 million annual revenue run rate. As of June 25, in the second quarter, Robinhood recorded approximately 12.3 billion prediction market contract trades. Using a standard fee rate of 1 cent per contract, the company expects prediction market revenue of at least $1.23 million for the quarter. Meanwhile, due to weak institutional activity, cryptocurrency trading volume is declining, and crypto trading revenue for the second quarter is expected to be below $134 million. Robinhood expects prediction market revenue to exceed crypto revenue by the end of the quarter, making it the company’s fastest-growing revenue source.