Bernstein Sees Prediction Markets Overtaking Crypto as a Robinhood Revenue Driver by 2028

Analysts at Bernstein expect prediction markets to become a major earnings engine for Robinhood Markets (HOOD), and possibly a bigger one than crypto. Their forecast shows the business bringing in as much as $1.7 billion by 2028, ahead of the $1.6 billion projected from crypto that year. Revenue from event contracts is expected to climb from roughly $650 million this year, which would make it about 18% of Robinhood’s estimated $9.4 billion in total 2028 revenue. The outlook was shared with Cointelegraph on Monday.

Bernstein Raises Estimates and Keeps HOOD Price Target

The firm lifted its revenue estimates for Robinhood by 3% for 2026, 4% for 2027 and 3% for 2028, pointing to stronger assumptions for equities and crypto. Even so, it left its HOOD price target unchanged at $160.

Robinhood Q3 2026 Earnings Preview

The forecast lands one day before Robinhood reports third quarter results. Bernstein projects revenue of around $1.5 billion, up 13% from the previous quarter, helped by higher equity and options volumes, more event contract activity and a rebound in crypto trading. Shares were set to open lower on Monday, trading near $93.60 in premarket action, and the stock is down more than 29% over the past 12 months.