Kareem Seif

Kareem Seif inquired about the revenue opportunity and economic structure of Webull's prediction markets, particularly following the addition of sports contracts, and also asked for a breakdown of the strong net deposit growth in Q3 2025 by geography and its underlying drivers.

Answer

Group President and U.S. CEO, Anthony Denier, explained that sports prediction markets have seen exceptional growth, with 30 million contracts in October and anticipated 100% month-on-month growth. He detailed the revenue model, including a one-cent commission per contract and an exchange rebate from Kalshi, resulting in a blended rate of $0.0125 to $0.015 per contract. Denier emphasized that prediction markets are crucial for re-engaging dormant accounts and attracting new customer segments. Regarding net deposits, Denier attributed the $2.1 billion Q3 growth to Webull's global platform (14 broker-dealers), evolving marketing strategies like incentive transfer programs, and significant geographic expansion in markets such as Canada, Australia, and Thailand, where demand for U.S. products is driving new AUM.

Kareem Seif inquired about the strong net deposits in Q3, particularly the $2.1 billion, asking for a breakdown of where this strength is coming from, especially by geography.

Answer

Anthony Denier (Group President and U.S. CEO, Webull) attributed the growth to Webull's global platform with 14 broker-dealers and significant market share expansion both in and outside the U.S. He highlighted the evolution of marketing style, successful incentive transfer programs for AUM, and huge growth in markets like Canada and Australia, with non-U.S. entities driving demand for U.S. products.