---
title: "Robinhood's $173 million event contracts and Kalshi face a Nov. 30 hearing after a Louisiana judge's ban"
description: "Robinhood's event contracts earned $173 million last quarter and passed crypto as a revenue line. The venues those trades route through are named in the order, and a November 30 hearing decides whether the ban holds."
publisher: "The Inference"
section: "Policy & Labor"
published: 2026-11-13T16:36:50.432Z
modified: 2026-11-13T16:36:50.432Z
canonical: https://theinference.org/article/robinhood-s-173-million-event-contracts-and-kalshi-face-a-nov-30-hearing-after-a-louisiana-judge-s-ban
language: en
keywords: "Robinhood, Kalshi, Prediction Markets, Regulation, CFTC"
---

# Robinhood's $173 million event contracts and Kalshi face a Nov. 30 hearing after a Louisiana judge's ban

> Robinhood's event contracts earned $173 million last quarter and passed crypto as a revenue line. The venues those trades route through are named in the order, and a November 30 hearing decides whether the ban holds.

## The ban came the same night as the suit

Louisiana did not wait for the litigation to play out. Hours after Attorney General Liz Murrill sued ten prediction-market platforms on November 12, Judge Jeffrey Johnson of Tangipahoa Parish [signed a temporary restraining order barring them from offering or facilitating event contracts](https://cryptobriefing.com/louisiana-gambling-ban-prediction-markets/), yes-or-no wagers on outcomes from games to elections, to anyone in the state [1][2][3]. The order requires the platforms to block Louisiana users by geolocation and holds for ten days, with a hearing on a longer injunction set for November 30 [3]. As of 7 p.m [2]. Thursday, [Kalshi](https://theinference.org/markets/companies/kalshi) users in Louisiana could still buy contracts [2].

## Louisiana is suing Robinhood's fastest-growing product

The suit names Kalshi, Polymarket, [Robinhood](https://theinference.org/markets/companies/robinhood), [Coinbase](https://theinference.org/markets/companies/coinbase), Gemini, ForecastEx, Crypto.com, Novig, Underdog and ProphetX [1][4]. For Robinhood, the listed name in the group, [event contracts earned $173 million in the third quarter](https://financefeeds.com/robinhood-q3-revenue-nears-estimates-as-prediction-markets-surge-and-crypto-revenue-falls-55/), six times a year earlier and ahead of crypto's $120 million; customers traded 5.9 billion contracts in October, up 136 percent from a year earlier [5][6]. The Inference tracked Robinhood's [October deadline to answer Ohio](https://theinference.org/article/robinhood-has-until-october-16-to-answer-ohio-on-the-prediction-markets-that-out-earned-crypto) on the same contracts [5][6].

*Chart: **Prediction markets now out-earn crypto at Robinhood** Column chart of Robinhood's Q3 2026 transaction revenue by product line: options $399M, prediction markets $173M, equities $121M, crypto $120M*

*Transaction-based revenue by product line, quarter ended September 30, 2026, US$ millions, Robinhood results reported October 27, 2026. [5]*

## The app kept trading through the venue Louisiana banned

This morning Robinhood [still listed a 15-minute Treasury-yield contract at 99 cents](https://robinhood.com/us/en/prediction-markets/financial/events/5-year-us-treasury-yield-15-min-495935-target-nov-13-2026/), and its own terms route event contracts through KalshiEX, ForecastEX, Rothera or Nadex [7]: the same Kalshi a state judge has now ordered blocked in Louisiana. Robinhood is Kalshi's largest distribution partner [6]. A Robinhood spokesperson said its contracts are federally regulated by the Commodity Futures Trading Commission [4]. Kalshi sued Louisiana in federal court on October 23, [arguing the Commodity Exchange Act, the federal derivatives statute, preempts state gambling law](https://theinference.org/article/robinhood-s-156-million-event-contract-quarter-rests-on-a-word-the-courts-keep-rewriting), and its emergency request filed Thursday awaits a ruling [1][2].

## Washington has picked a side, for now

The Justice Department and the CFTC [sued Arkansas on November 12 to stop that state enforcing its gambling laws against Kalshi](https://financefeeds.com/doj-cftc-arkansas-over-kalshi-prediction-markets/) [9], and [Louisiana is the eleventh state to sue a prediction market](https://theinference.org/article/robinhood-s-173-million-event-contract-line-bigger-than-equities-is-being-shut-off-state-by-state) [4]. Murrill put the state's case in one line: "It's not complicated: if you aren't a licensed gaming operator, you aren't legal" [2]. Kalshi's head of litigation, Jovy Dedaj, answered: "The operation of federally-regulated exchanges is the exclusive province of the federal government. Full stop." [2] The federal shield has cracks of its own: the CFTC is investigating whether Kalshi properly notified it of proposed contracts [4].

## Kalshi's $65 billion talks are the first number repriced

The November 30 hearing, the ruling on Kalshi's emergency motion, and Robinhood's November operating data [6]. Robinhood's hedge is Rothera, its own exchange venture with the trading firm Susquehanna, which passed $100 million in annualized revenue last quarter [6]. Kalshi, valued at $40 billion on October 29, is [in talks at $65 billion](https://financefeeds.com/kalshi-seeks-65-billion-valuation-as-compute-futures-plans-face-cftc-delays/) [8]. If more states can shut the product in their own courts, Kalshi's $65 billion talks are the first number repriced [8].

## Takeaway

A Louisiana judge blocked event contracts for ten days and set a November 30 hearing, naming the Kalshi venue that carries Robinhood's fastest-growing revenue line.

## Sources

1. [Crypto Briefing, "Louisiana AG sues Kalshi, Polymarket, Robinhood, Coinbase, and Gemini over prediction markets", 12 November 2026](https://cryptobriefing.com/louisiana-ag-sues-kalshi-robinhood-coinbase-gemini/)
2. [NOLA.com / The Advocate, "Judge orders Kalshi, Polymarket, others to halt event contracts in Louisiana, AG Liz Murrill says", 12 November 2026](https://www.nola.com/news/judge-tro-halt-kalshi-polymarket-robinhood-liz-murrill-louisiana-lawsuit/article_606a30df-0f59-48fc-b52f-6e3ffba2cd5a.html)
3. [Crypto Briefing, "Louisiana judge orders sweeping restraining order against Kalshi, Polymarket, Coinbase, and other prediction market operators", 13 November 2026](https://cryptobriefing.com/louisiana-gambling-ban-prediction-markets/)
4. [The Block, "Louisiana sues Kalshi, Robinhood and other prediction markets in escalating regulatory fight", 12 November 2026](https://www.theblock.co/news/regulation/2026-11-12-louisiana-sues-kalshi-robinhood-other-prediction-markets-escalating-regulatory-fight-439052)
5. [FinanceFeeds, "Robinhood Q3: Prediction Markets Hit $173M, Crypto Down 55%", 28 October 2026](https://financefeeds.com/robinhood-q3-revenue-nears-estimates-as-prediction-markets-surge-and-crypto-revenue-falls-55/)
6. [24/7 Wall St., "Robinhood's Prediction-Market Bets More Than Doubled as Crypto Trading Crashed", 13 November 2026](https://247wallst.com/investing/2026/11/13/robinhoods-prediction-market-bets-more-than-doubled-as-crypto-trading-crashed/)
7. [Robinhood prediction markets event page, 5-Year U.S. Treasury 15 min, 13 November 2026](https://robinhood.com/us/en/prediction-markets/financial/events/5-year-us-treasury-yield-15-min-495935-target-nov-13-2026/)
8. [FinanceFeeds, "Kalshi Eyes $65B Valuation Two Weeks After $40B Round", 13 November 2026](https://financefeeds.com/kalshi-seeks-65-billion-valuation-as-compute-futures-plans-face-cftc-delays/)
9. [FinanceFeeds, "Kalshi Faces Arkansas Legal Battle as DOJ, CFTC Sue State", 13 November 2026](https://financefeeds.com/doj-cftc-arkansas-over-kalshi-prediction-markets/)


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Robinhood's $173 million event contracts and Kalshi face a Nov. 30 hearing after a Louisiana judge's ban — The Inference. Canonical: https://theinference.org/article/robinhood-s-173-million-event-contracts-and-kalshi-face-a-nov-30-hearing-after-a-louisiana-judge-s-ban