TL;DR:
- Robinhood has processed more than 16 billion event contracts so far in 2026.
- Robinhood users accounted for nearly 25% of Kalshi’s total trading volume during March 2026.
- Kalshi records over $76 million in cumulative volume in its dedicated World Cup winner market.
The retail trading platform Robinhood Markets is set to divert a portion of its 2026 Soccer World Cup prediction contracts toward Rothera. According to a Bloomberg report this Thursday, June 4, 2026, the company seeks to test its own event trading infrastructure. This strategic decision marks a shift away from Kalshi, its traditional partner in this segment.
In-house infrastructure for the 2026 tournament
The 2026 FIFA World Cup will begin next June 11. The tournament will feature a total of 104 matches distributed across the United States, Canada, and Mexico. This sporting event presents itself as a trial by fire for prediction markets. Different platforms in the sector are actively competing to capture the trading volume derived from one of the biggest sporting events.
Sources from Robinhood suggest that Rothera will handle contracts linked to individual match outcomes. The US-based derivatives exchange, which is majority-owned by Robinhood and Susquehanna International Group, will also process bets on the tournament winner and total goals scored.
This technical migration is backed by Robinhood’s internal growth. The firm has processed more than 16 billion event contracts so far in 2026. This figure surpasses the 12 billion contracts traded during the entirety of 2025. Robinhood CEO Vlad Tenev previously noted that major global events act as catalysts for broader cycles in these markets.
The impact on Kalshi’s liquidity
The routing change could put pressure on Kalshi’s business during a key period. A Bernstein analysis cited by Bloomberg indicated that Robinhood users generated nearly a quarter of Kalshi’s total trading volume in March 2026. The reduction in direct retail flow will directly affect commission capture for the independent platform.
Despite the restructuring, Robinhood will not completely eliminate Kalshi from its tournament offerings. Individual player performance contracts and bundled contract combinations will remain assigned to Kalshi. Analysts’ projections suggest that Robinhood will decide the final destination of orders based on available liquidity and clarity in resolving each market’s outcome.
From the end-user perspective, contracts processed through Rothera could carry lower fees than those sent to third-party platforms. Susquehanna currently acts as Rothera’s primary liquidity provider. Furthermore, both Susquehanna and Robinhood hold operational seats on the advisory board of the CFTC-regulated exchange.
The start of the tournament on June 11 will serve to evaluate Rothera’s operational efficiency under conditions of high volatility and demand.
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