What Robinhood's prediction markets push means for fintech industry
December 17, 2025 • 3m 35s
Kelly Evans (Anchor)
00:00.350
my
next
guest
says
the
prediction
market
business
presents
a
lot
of
upside
for
the
fin
tech
space
as
robin
hood
and
coinbase
users
are
nine
times
more
likely
to
participate
than
non
users
let's
bring
in
mizuho
dan
dalive
welcome
to
Dan Dolev (Senior Analyst)
00:12.830
you
it's
Kelly Evans (Anchor)
00:13.590
been
a
dizzying
moment
here
so
can
we
back
up
and
talk
about
the
series
of
events
what
has
led
to
you
know
a
robin
hood
app
now
allowing
me
to
make
NFL
parlay
bets
in
in
competition
like
is
this
been
a
regulatory
shift
or
what's
going
on
here
Dan Dolev (Senior Analyst)
00:27.870
well
obviously
with
the
new
administration
everything
is
easier
when
it
comes
to
crypto
and
gambling
and
betting
but
i
think
what
changed
is
that
the
realization
it's
the
same
people
like
the
survey
that
we
did
shows
you
that
we
did
a
comprehensive
survey
of
users
and
it
shows
Dan Dolev (Senior Analyst)
00:42.230
you
that
it's
exactly
the
same
people
they're
betting
on
sports
here
and
they're
buying
equities
and
crypto
here
so
why
not
just
give
them
a
one
stop
shop
Kelly Evans (Anchor)
00:50.350
well
because
they're
two
different
things
and
look
i
love
the
prediction
markets
i
they're
so
much
fun
but
sports
betting
is
is
different
from
that
so
it
seems
a
little
bit
like
does
it
matter
from
i
love
how
i'm
asking
you
now
like
the
the
public
choice
point
of
view
like
do
we
Kelly Evans (Anchor)
01:05.630
want
all
of
these
things
lumped
together
it's
like
echo
you
know
do
zero
day
options
on
this
and
then
do
a
prediction
market
on
that
and
then
do
place
a
sports
bet
over
here
like
it's
almost
like
we're
equalizing
all
of
them
that
offends
me
as
someone
who
takes
the
you
know
the
Kelly Evans (Anchor)
01:18.470
the
art
of
investing
more
seriously
Dan Dolev (Senior Analyst)
01:21.150
welcome
to
gen
Z
they
do
everything
together
i
think
it's
a
great
you're
making
the
best
point
right
which
is
are
we
circling
too
close
to
the
sun
here
and
and
eventually
will
we
regret
it
i
mean
so
far
no
but
i
agree
with
you
like
gen
Z
they
do
things
differently
so
they
view
Dan Dolev (Senior Analyst)
01:37.630
buying
crypto
as
investing
so
why
not
bet
on
sports
as
investing
so
i
think
it's
just
catering
to
demand
or
maybe
Kelly Evans (Anchor)
01:44.270
i
might
say
that
i
promise
we'll
get
into
the
the
the
picks
here
that
putting
all
of
these
things
together
makes
them
seem
like
they're
similar
choices
when
one
of
them
if
done
properly
builds
wealth
overtime
and
the
others
have
the
potential
to
destroy
it
and
you
know
Kelly Evans (Anchor)
01:57.190
prediction
markets
is
just
fun
that's
fine
sports
betting
is
different
you're
in
the
gambling
world
now
it
comes
with
a
lot
of
risks
look
at
what
we've
seen
from
the
data
from
this
rollout
now
so
it's
just
that
where
it's
things
like
if
there's
not
going
to
be
any
guardrails
and
Kelly Evans (Anchor)
02:08.830
is
it
going
to
be
a
risk
if
regulators
change
their
mind
in
a
few
more
years
and
say
you
know
what
actually
these
things
should
be
separated
out
no
Dan Dolev (Senior Analyst)
02:14.110
i
agree
with
you
i
mean
there's
that's
the
point
right
like
is
this
going
to
be
too
much
fun
is
there
going
to
be
too
much
of
it
sports
betting
but
right
now
now
it's
the
same
people
and
i
think
what
vlad
is
doing
and
even
coinbase
what
they're
doing
is
really
smart
because
Dan Dolev (Senior Analyst)
02:26.550
they're
they're
saying
hey
all
these
people
are
betting
here
on
sports
and
they're
betting
here
on
crypto
and
equities
let
me
just
give
them
everything
and
that's
the
power
we
actually
took
up
our
numbers
for
robin
hood
by
six
seven
percent
for
next
year
because
it's
massively
Dan Dolev (Senior Analyst)
02:39.550
accredited
on
the
launch
Kelly Evans (Anchor)
02:40.590
of
what's
called
sports
betting
on
the
platform
so
talk
through
the
more
of
the
stock
implications
across
the
fintech
space
now
as
you
see
them
Dan Dolev (Senior Analyst)
02:48.040
just
in
general
for
for
coinbase
coinbase
Kelly Evans (Anchor)
02:50.120
is
doing
that
too
so
the
Dan Dolev (Senior Analyst)
02:51.480
interest
thing
that
came
out
of
the
survey
and
this
is
an
important
nuance
they
have
their
event
today
so
i'm
going
to
be
tuning
into
that
thirty
seven
percent
of
the
you
know
of
the
average
user
basically
thirty
is
thirty
seven
percent
likely
just
as
likely
let's
call
it
to
Dan Dolev (Senior Analyst)
03:05.430
sell
crypto
than
putting
in
fresh
money
so
there
could
be
an
interesting
kind
of
like
you
know
exchange
here
between
you
know
i'm
i'm
gonna
do
sports
Kelly Evans (Anchor)
03:14.670
betting
there's
coinbase
Dan Dolev (Senior Analyst)
03:16.230
self
cannibalizing
so
and
and
then
we
we
have
to
worry
about
the
take
rates
cause
the
take
rates
on
coinbase
on
crypto
are
very
high
are
the
take
rates
on
you
know
those
those
betting
or
prediction
markets
are
going
to
be
as
as
dilutive
to
the
revenue
so
we're
a
little
bit
more
Dan Dolev (Senior Analyst)
03:30.310
so
cautious
about
coinbase
's
sort
of
entrance
into
this
world
for
for
hood
it's
like
pure
ops
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