There is no pure-play prediction market stock yet. Kalshi and Polymarket, the two largest exchanges, are both private. Investors who want exposure to the boom in event contracts have to go through listed companies for which prediction markets are one business line among several: brokers that sell the contracts, exchanges that list or invest in them, and sportsbooks that have launched products of their own.
The exposure is real and growing. Robinhood earned $156 million from event contracts in the second quarter of 2026, more than it made from crypto trading. Intercontinental Exchange, the owner of the New York Stock Exchange, agreed to invest up to $2 billion in Polymarket. And the two biggest sportsbooks both launched prediction market apps in December 2025.
This guide maps the listed companies with meaningful exposure, how each makes money from prediction markets, and the risks that hang over all of them. It is not investment advice.
| Company | Ticker | How it is exposed |
|---|---|---|
| Robinhood | HOOD | Sells event contracts in its app; runs its own exchange venture |
| Intercontinental Exchange | ICE | Agreed to invest up to $2 billion in Polymarket |
| CME Group | CME | Lists event contracts; powers FanDuel Predicts |
| Flutter Entertainment | FLUT | Owns FanDuel, which runs FanDuel Predicts |
| DraftKings | DKNG | Runs DraftKings Predictions |
| Coinbase | COIN | Sells Kalshi's contracts to its US customers |
| Interactive Brokers | IBKR | Owns the ForecastEx exchange; offers other venues' contracts |
Brokers: Robinhood, Coinbase and Interactive Brokers
Robinhood has the clearest numbers. Event contracts brought in $156 million of its $1.31 billion in second-quarter 2026 revenue, more than its crypto trading revenue of $100 million. Robinhood started as a broker for Kalshi's contracts and has since built its own exchange through a joint venture with the trading firm Susquehanna. Analysts at Bernstein projected $586 million of prediction market revenue for Robinhood in 2026. Our Robinhood review covers the product itself.
Coinbase began offering Kalshi's contracts to customers nationwide in January 2026, acting as the broker through its futures commission merchant. It earns a broker fee on top of Kalshi's exchange fee. Prediction markets are still a small part of a company whose results swing with crypto prices. See our guide to Coinbase prediction markets.
Interactive Brokers owns ForecastEx, its own CFTC-registered exchange for forecast contracts on economic indicators, elections and similar events, and its platform also gives access to contracts listed by Kalshi and CME. It has focused on economics and politics rather than sports.
Exchanges: ICE and CME Group
Intercontinental Exchange agreed in October 2025 to invest up to $2 billion in Polymarket and to distribute Polymarket's data to institutional clients. For ICE the stake is small relative to its size, so the stock is a diversified way to own a piece of Polymarket's upside rather than a concentrated bet.
CME Group lists its own event contracts and is the exchange behind FanDuel Predicts, which launched in December 2025 with contracts on sports, stock indexes, commodities and economic data. CME benefits from volume whoever wins the retail branding battle, but its prediction market revenue is tiny next to its core futures business.
Sportsbooks: DraftKings and Flutter
DraftKings launched DraftKings Predictions in December 2025, initially using CME contracts, and bought the prediction market exchange Railbird. Flutter, FanDuel's parent, launched FanDuel Predicts the same month. Both companies face a conflict: prediction markets let them reach customers in states without legal sports betting, but they also undercut the state-licensed sportsbooks that earn most of their money. Both quit the American Gaming Association in November 2025 as they moved into the space. Our reviews of DraftKings Predictions and FanDuel Predicts compare the products.
The incumbents that stayed out are feeling the pressure. In the third quarter of 2026 Kalshi took $737 million in fees on sports contracts, more than BetMGM's $216 million in sports revenue, according to InGame. MGM Resorts, Entain and Caesars are on the other side of this trade.
The Private Giants: Kalshi and Polymarket
The purest exposure is not yet listed. Kalshi was reported at the end of September to be finalizing a round at about $40 billion that would be its last before an IPO, which its chief executive has ruled out for 2026. Our guide to the Kalshi IPO covers timing and the private secondary market. Polymarket has ICE as a strategic investor and has promised a token, covered in our Polymarket token and airdrop guide, but has not discussed an IPO.
The Risks Behind Every Prediction Market Stock
The Supreme Court. Federal appeals courts have split over whether states can apply gambling laws to sports event contracts. New Jersey has asked the Supreme Court to decide, and a ruling for the states would shrink the national sports market that drives most of the industry's volume. Our explainer on the Supreme Court case walks through the scenarios.
State enforcement. Nevada, Ohio and Tennessee can already enforce their gambling laws against sports contracts while their cases continue, and Ohio sent cease-and-desist letters to ten platforms and brokers in October 2026, including Coinbase, Robinhood's derivatives unit and Polymarket.
Concentration in sports. Sports contracts dominate trading. A survey by S&P Global Market Intelligence found that 70% of prediction market users had traded sports outcomes, against 36% for economic outcomes and 33% for politics.
Fee competition. Fees are already low and new venues keep arriving. Compare the current schedules in our guides to Kalshi fees and Polymarket fees.
Federal politics. The CFTC has backed the exchanges, including with an October 2026 proposal to define event contracts as swaps. Bills in Congress, such as the Schiff-Curtis bill to bar sports contracts on CFTC-registered platforms, would reverse that if they passed.
How to Think About It
The companies above differ more than the label "prediction market stock" suggests. Robinhood gets the most measurable revenue but depends on retail trading moods. ICE and CME are steady exchanges with small option-like stakes. DraftKings and Flutter are hedging against a threat to their core business. Anyone building a position should look at each company's whole business first, and treat prediction markets as one driver among several. If you would rather trade the events themselves, start with how prediction markets work.
Frequently Asked Questions
Is there a prediction market stock?
Not a pure one. Kalshi and Polymarket are private. Listed companies with exposure include Robinhood, Intercontinental Exchange, CME Group, Flutter, DraftKings, Coinbase and Interactive Brokers.
Can I buy Kalshi or Polymarket stock?
Not on a public exchange. Kalshi has said it will not go public in 2026, and Polymarket has not announced IPO plans. Shares in private companies occasionally trade on secondary platforms for accredited investors.
Which company makes the most money from prediction markets?
Among listed companies, Robinhood reports the clearest figures: $156 million of event contract revenue in the second quarter of 2026. Among private companies, Kalshi is the largest by reported fees.
Does ICE own Polymarket?
No. ICE agreed in October 2025 to invest up to $2 billion in Polymarket, a minority stake, and to distribute its data to institutional clients.
What could hurt prediction market stocks?
A Supreme Court ruling that lets states treat sports event contracts as gambling, more state enforcement, new federal legislation and falling fees would all weigh on the business.
Is this investment advice?
No. This article explains how listed companies are exposed to prediction markets. It does not recommend buying or selling any security.
