Robinhood Halts Super Bowl Betting Plans Following CFTC Request
The trading platform suspended its event contracts for the NFL championship after regulatory concerns were raised by the Commodity Futures Trading Commission.
- Robinhood suspended its 'Pro Football Championship' event contracts after the CFTC formally requested the company to halt customer access to the product.
- The event contracts allowed users to predict the winner of the Kansas City Chiefs vs. Philadelphia Eagles Super Bowl matchup by purchasing outcome-based contracts.
- The product was rolled out to only about 1% of Robinhood's customers before the suspension, with users given the option to close or hold their positions until resolution.
- Robinhood expressed disappointment with the decision, citing prior communication with the CFTC and its efforts to advocate for balanced regulation in the futures and derivatives markets.
- The company plans to work with the CFTC on launching a more comprehensive event contracts platform later this year while continuing to explore potential sports betting opportunities.
Benzinga 
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