Key Moments:
- Crypto.com partners with Hollywood.com to offer event contracts on actors, movies, TV shows, and more
- Robinhood rolls out new event contracts tied to major award shows and pop culture events
- Firms shift focus to entertainment markets amid scrutiny of sports event contracts by U.S. states
Strategic Alliances Emerge in Entertainment Markets
Crypto.com and Robinhood Markets (NASDAQ: HOOD) have both made significant pushes into entertainment and pop culture event contracts, aiming to capture increased interest from prediction market traders. Crypto.com, an established player in this sector, recently entered into a partnership with Hollywood.com. This collaboration allows Hollywood.com to feature Crypto.com event contracts centered on celebrities, award shows, movies, television, and much more.
A statement from the cryptocurrency trading platform shared, “With the launch of this new offering from Hollywood.com, entertainment fans can express and trade their opinions on entertainment event contracts across Hollywood movies, Broadway shows, television programs, musical artists, major award shows, and more… Prices update in real-time, allowing users to react instantly and express their opinions on what is going to happen next alongside their favorite entertainment developments.”
This recent development follows a similar agreement reached by Crypto.com with Trump Media and Technology Group (NASDAQ: DJT), enabling Truth Social to become the first social media platform to directly integrate yes/no derivatives.
Robinhood Expands Entertainment Event Menu
Robinhood continues to broaden its prediction markets menu by introducing a range of entertainment-related event contracts. Among its latest offerings are six contracts each on the Grammys and the Oscars, as well as about two dozen yes/no contracts for the Golden Globe Awards.
The firm is also rolling out contracts tied to major pop culture moments, such as music industry events, Time’s person of the year, and the Miss Universe title. Additional offerings include company-specific derivatives like one tracking the debate over Elon Musk’s Tesla (NASDAQ: TSLA) compensation and another on whether OpenAI will increase the price of ChatGPT this year. The assortment further branches into AI, science, health, and space themes.
| Platform | Notable New Contracts | Recent Partnerships |
|---|---|---|
| Crypto.com | Actors, movies, TV, major awards | Hollywood.com, Trump Media and Technology Group |
| Robinhood (NASDAQ: HOOD) | Grammys, Oscars, Golden Globes, Time’s person of the year, Miss Universe, Tesla (NASDAQ: TSLA), OpenAI | Kalshi, ForecastEx |
As part of its roadmap, Robinhood stated last month that it intends to launch over 100 additional event contracts in the coming weeks. Some of these future contracts are expected to cover sports topics.
Focus Shifts Away From Sports Contracts
Neither Crypto.com nor Robinhood mentioned sports-related contracts in their recent releases. This omission may be intentional; after rolling out sports derivatives, prediction market operators have faced a wave of legal challenges at the state level.
Crypto.com recently halted its sports offerings in Nevada, while Robinhood is currently in discussions with several states over its sports derivatives. Regulators contend that such contracts closely resemble sports betting and therefore require gaming licenses which the operators do not possess.
Amid these evolving regulations, both companies appear to be strategically increasing their entertainment and pop culture event contract offerings, positioning themselves for growth while minimizing regulatory risks.
- Author
Daniel Williams
