The House

The Hub

The casino app that turned a generation into order flow

HOOD — Robinhood

The retail super-app: zero-commission stocks, the most-gamified options flow in the market, crypto, IRAs with match, and now event contracts — every product line aimed at holding the whole paycheck.

Why it matters: The center of gravity: every other node on this map is either losing customers to Robinhood, supplying its rails, or racing it to the next thing retail will trade.

Outlook: Revenue up 32% with 42% net margins. Event contracts are the breakout: 16B+ contracts traded this year and ~$147M of event revenue in a single quarter, riding Kalshi rails while owning its own exchange license for the day it cuts them loose.

market cap $82B · revenue $5B (research snapshot; the live map shows current data)

The Trading War

Fighting Robinhood for the retail brokerage account

SCHW — Charles Schwab

The $10T custody giant of American retail wealth — brokerage, banking, and advice for the generation that still calls its broker.

Why it matters: The deepest pool of assets Robinhood is trying to drain: Gold subscriptions and IRA matches are aimed straight at Schwab accounts.

market cap $193B · revenue $26B (research snapshot; the live map shows current data)

ETOR — eToro

Israeli social-trading platform — copy-trading, stocks, and crypto for retail across Europe and beyond, listed on Nasdaq since 2025.

market cap $2B · revenue $12B (research snapshot; the live map shows current data)

SOFI — SoFi

The everything-app for money: banking, lending, investing, and credit in one place — the same full-wallet ambition as Robinhood, approached from the banking side.

market cap $23B · revenue $4B (research snapshot; the live map shows current data)

The Options War

Where the zero-DTE flow and the active traders live

IBKR — Interactive Brokers

The professional-grade platform where serious options and global-markets traders graduate to — lowest margin rates in the business and its own event-contract exchange, ForecastEx.

Why it matters: Fights Robinhood at both ends: for the active trader today, and in prediction markets tomorrow.

market cap $154B · revenue $7B (research snapshot; the live map shows current data)

BULL — Webull

Zero-commission options and stocks app — the closest clone of the Robinhood playbook, chasing the same first-account customer.

market cap $4B · revenue $600M (research snapshot; the live map shows current data)

The Crypto Ring

Custody of coins — the other asset retail actually trades

COIN — Coinbase

America’s regulated crypto exchange and custodian — the default vault for retail and institutional coins alike.

Why it matters: Robinhood’s crypto arm (plus its Bitstamp acquisition) undercuts Coinbase’s fee model with the same asset list — the clearest head-to-head on the map.

market cap $39B · revenue $6B (research snapshot; the live map shows current data)

The Prediction Machines

CFTC-regulated exchanges turning everything into a market

KALSHI — Kalshi (private)

The CFTC-regulated event-contract exchange — elections, rates, weather, sports — that turned "everything is a market" into a $23.8B-a-year trading venue.

Why it matters: Both Robinhood’s most important partner and its most obvious future rival — federal contracts that work in all 50 states are the existential threat to state-licensed sportsbooks.

Outlook: Valued at $22B in March 2026 (Coatue), reportedly in talks near $40B. Robinhood alone drives over half its volume.

valuation $22B (research snapshot; the live map shows current data)

POLYMARKET — Polymarket (private)

The crypto-native prediction market that made event odds a public utility — re-entering the US market with ICE’s balance sheet behind it.

Outlook: ICE completed a $2B total investment in March 2026; latest round talk values it near $15-20B.

valuation $15B (research snapshot; the live map shows current data)

The Sportsbooks

State-licensed betting duopoly watching event contracts eat their lunch

DKNG — DraftKings

One half of the US online sportsbook duopoly — now fighting the prediction-market insurgency by joining it: it bought the Railbird exchange and launched DraftKings Predictions in 38 states, including the ones that never legalized sports betting.

market cap $12B · revenue $6B (research snapshot; the live map shows current data)

FLUT — Flutter (FanDuel)

FanDuel’s parent — the other half of the sportsbook duopoly, answering the event-contract threat through a prediction-markets joint venture with CME.

market cap $16B · revenue $17B (research snapshot; the live map shows current data)

The Exchange Lords

Old derivatives money buying its way into the retail betting boom

CBOE — Cboe Global Markets

The options exchange: home of the VIX, SPX, and the zero-DTE boom. Every contract the retail apps gamify ultimately prints on rails like these.

market cap $30B · revenue $5B (research snapshot; the live map shows current data)

CME — CME Group

The world’s biggest derivatives exchange — futures on everything from rates to cattle, 63% net margins, and now event contracts distributed through FanDuel.

market cap $98B · revenue $7B (research snapshot; the live map shows current data)

ICE — Intercontinental Exchange

Owner of the NYSE and a data empire — its $2B Polymarket stake is a bet that event-market odds become a financial data layer the whole industry pays for.

market cap $88B · revenue $11B (research snapshot; the live map shows current data)

The Old Money

The trillion-dollar incumbents the next generation of assets is draining from

MS — Morgan Stanley

Wall Street wealth management at scale — and, through E*Trade, a legacy retail brokerage watching its next generation of customers open Robinhood accounts instead.

market cap $342B · revenue $78B (research snapshot; the live map shows current data)

BLK — BlackRock

The $12T asset manager whose iShares ETFs sit inside almost every account on this map — whoever wins the brokerage war, BlackRock collects the fee.

market cap $188B · revenue $27B (research snapshot; the live map shows current data)

Relationships on the map

• Robinhood competes with Charles Schwab — Brokerage accounts & cash
  Gold subscriptions, IRA matches, and transfer bonuses — Robinhood’s whole retention stack is aimed at pulling accounts out of Schwab’s $10T custody empire.
• Robinhood competes with eToro — Social retail trading
  Same first-time trader, different continent of origin — eToro’s copy-trading vs Robinhood’s feed.
• Robinhood competes with SoFi — The money super-app
  Both want the entire paycheck — SoFi attacks from banking and lending, Robinhood from trading.
• Robinhood competes with Interactive Brokers — Options & active traders
  The graduation path: Robinhood mints options traders, Interactive Brokers courts them once they get serious — and IBKR’s ForecastEx fights Robinhood in event contracts too.
• Robinhood competes with Webull — Zero-commission options
  Webull runs the closest copy of the Robinhood playbook — same free options trades, same first-account customer.
• Robinhood competes with Coinbase — Retail crypto
  Robinhood’s crypto arm and Bitstamp acquisition undercut Coinbase’s fees on the same coins — the sharpest head-to-head on the map.
• Robinhood competes with DraftKings — Sports: contracts vs bets
  Same game, same wallet, different regulator: Robinhood’s CFTC sports contracts work in all 50 states while DraftKings’ sportsbook license stops at state lines.
• Morgan Stanley competes with Robinhood — E*Trade vs the kids
  Morgan Stanley’s E*Trade is the brokerage the last generation switched to — Robinhood is where their kids opened accounts.
• Kalshi partners with Robinhood — Event-contract rails (2¢ split)
  Robinhood’s prediction markets run on Kalshi’s CFTC-regulated exchange, splitting a 2¢-per-contract fee — and Robinhood alone drives over half of Kalshi’s volume, even while it owns an exchange license of its own.
• Cboe Global Markets supplies Robinhood — Options exchange rails
  The zero-DTE options boom Robinhood gamified ultimately prints on Cboe’s exchanges.
• BlackRock supplies Robinhood — The ETFs retail buys
  iShares ETFs fill Robinhood retirement accounts — BlackRock collects its fee no matter which app wins.
• Kalshi competes with Polymarket — Prediction duopoly
  $22B Kalshi vs ~$15B Polymarket — the two venues racing to be where the world prices its uncertainty.
• Intercontinental Exchange partners with Polymarket — $2B stake + data rights
  ICE completed a $2B investment and took global distribution rights to Polymarket’s event data — the bet is odds-as-data, not trading fees.
• CME Group partners with Flutter (FanDuel) — FanDuel Predicts JV
  FanDuel distributes CME event contracts — the old derivatives lord and the sportsbook teaming up against Kalshi.
• DraftKings competes with Kalshi — Sports event contracts
  Kalshi’s federal sports contracts bypass state gaming licenses entirely — DraftKings answered by buying the Railbird exchange and launching its own prediction market in 38 states.
• DraftKings competes with Flutter (FanDuel) — US sportsbook duopoly
  FanDuel and DraftKings split most of US online sports betting — and are now racing each other into prediction markets by different doors.