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Robinhood Markets Inc (NASDAQ:HOOD). announced the suspension of its newly launched Super Bowl betting feature in response to a request from the Commodities and Futures Trading Commission (CFTC).
The halt occurred just one day after the online brokerage firm introduced the product, allowing customers to place wagers on the outcome of the Super Bowl game scheduled for February 9, featuring the Philadelphia Eagles against the Kansas City Chiefs.
The decision to suspend the Pro Football Championship market was disclosed in a statement by Robinhood on February 4. The company expressed its disappointment with the suspension, noting that it had been in regular dialogue with the CFTC regarding its plans to offer this product. Robinhood had initially rolled out the betting feature to approximately 1% of its customers, some of whom had already participated in trades.
The suspension coincides with reports from the previous day that the CFTC was investigating Crypto.com and Kalshi over their offerings of Super Bowl event contracts to determine compliance with derivatives regulations. Unlike traditional betting, event contracts set odds based on a pool of user predictions rather than odds determined by bookmakers.
Crypto.com, another platform offering Super Bowl bets, informed Cointelegraph that it would continue to provide the service despite the ongoing probe. Meanwhile, Robinhood’s venture into event contracts began in October with trades based on the US presidential election outcome. This followed a legal victory by Kalshi, which secured permission to offer US-based users contracts for election betting after a court ruling against the CFTC.
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