Robinhood Routes World Cup Prediction Markets Through Rothera as It Begins Shifting Away From Kalshi

Robinhood has launched 2026 FIFA World Cup prediction markets through Rothera, a derivatives exchange it co-owns with Susquehanna International Group, marking the first time the trading platform has routed event contracts through its own affiliated exchange rather than relying entirely on Kalshi. The move, announced in early June, includes individual match outcomes, the tournament winner market, spreads, totals, and group-stage results, with the World Cup kicking off June 11 across the United States, Canada, and Mexico.

Rothera, formerly known as LedgerX, already held a CFTC license when Robinhood promo code and SIG acquired a majority stake in the exchange. The World Cup launch represents the exchange’s first major commercial rollout, with Robinhood describing it as a foundational milestone in building a purpose-built exchange and clearinghouse for the prediction market industry.

A Split Routing Model, Not a Full Break

Robinhood is not cutting Kalshi promo code out entirely. The routing shift is more nuanced: core, high-volume World Cup markets such as match-level outcomes, the tournament winner, and total goals contracts are now being handled by Rothera, while player-specific contracts, parlay-style combinations, and more complex tournament props continue to route through Kalshi review. Robinhood has said routing decisions during the tournament will be made based on factors including market liquidity and resolution clarity for each contract type.

Rothera’s World Cup contracts were self-certified with the CFTC on May 27. Robinhood began routing select MLB contracts and economic data markets through Rothera as part of a soft launch in late May before expanding to the World Cup. The company has now indicated that most prediction market flow is expected to migrate to Rothera over time, as Robinhood CFO Shiv Verma confirmed at a recent investor conference.

For Robinhood users, the shift to Rothera comes with lower fees. The platform introduced a new pricing model on June 1 where commission fees vary based on contract price and order size, with fees at the extremes never exceeding one cent per contract. Robinhood Gold subscribers receive up to 50 percent lower fees compared to non-Gold customers, with savings of up to 95 percent compared to the old pricing structure. Contracts routed through Rothera are expected to carry lower all-in costs than equivalent contracts on Kalshi or other platforms, since Robinhood avoids layering its own commission on top of a third-party exchange fee.

What This Means for the Prediction Market Landscape

The World Cup is one of the largest global betting events of the year, with analysts projecting more than $2.5 billion in US prediction market volume on the tournament alone. By routing its most liquid World Cup contracts through Rothera, Robinhood captures more of the economics from its own user base’s trading activity rather than sharing that revenue with Kalshi.

The move reflects a strategic decision by Robinhood to build long-term ownership over its prediction market infrastructure. While Robinhood processed more than 12 billion event contracts in all of 2025, it has already surpassed 16 billion in 2026 through the first half of the year. Having a proprietary exchange capable of handling those volumes positions the company to expand into additional contract types beyond sports, including economic data, weather, and geopolitical events.

For bettors who use Robinhood’s prediction markets, the practical experience remains largely unchanged. World Cup markets are accessible directly through the app’s home page and Search tab, and contracts can be bought or sold at any time before event resolution. With Spain and France leading tournament winner markets at 18 and 17 cents respectively, the competition for the 2026 World Cup title is shaping up as a closely contested market on prediction market apps as the tournament gets underway.