Robinhood

Robinhood Markets has suspended Super Bowl betting after receiving a request from the Commodities and Futures Trading Commission to nix its customers’ access to the event contracts.
The halt comes just a day after Robinhood launched the product in partnership with prediction market Kalishi, allowing wagers on the outcome of the Philadelphia Eagles versus Kansas City Chiefs Feb. 9 game in the National Football League’s championship Super Bowl.&nbsp;
In a Feb. 4 announcement, Robinhood <a data-ct-non-breakable="null" href="https://newsroom.aboutrobinhood.com/robinhood-receives-formal-request-from-the-cftc-to-roll-back-the-pro-football-championship-market/" rel="nofollow noopener" target="_blank" text="null" title="https://newsroom.aboutrobinhood.com/robinhood-receives-formal-request-from-the-cftc-to-roll-back-the-pro-football-championship-market/">said</a> it would suspend the rollout of the Pro Football Championship market as it continues to work with the CFTC to understand its concerns.
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The firm said it had rolled out the product to around 1% of its customers, some of who had already placed trades.&nbsp;
“We are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product,” Robinhood said.&nbsp;
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It comes just a day after reports that the CFTC was probing Crypto.com and Kalshi over their offerings of Super Bowl event contracts and whether they comply with <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/derivatives-in-crypto-explained" rel="null" target="null" text="null" title="null">derivatives</a> regulations.&nbsp;
Event contracts differ from traditional betting in that the odds come from a pool of users betting on the likely winner rather than a bookmaker creating the odds.
Crypto.com told Cointelegraph it would continue to offer the wagers despite the probe.&nbsp;
Related: <a data-ct-non-breakable="null" href="http://crypto.com" rel="null" target="null" text="null" title="null">CFTC mulling probe of Crypto.com over Super Bowl contracts: Report</a>
Robinhood made its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/robinhood-presidential-elections-contracts-kamala-harris-donald-trump" rel="null" target="null" text="null" title="null">first foray into event contracts</a> in October, offering trades based on the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/decentralized-prediction-markets-how-do-they-work" rel="null" target="null" text="null" title="null">outcome</a> of the US presidential election.&nbsp;
The announcement followed a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kalshi-election-betting-contracts-live-us-court-win" rel="null" target="null" text="null" title="null">court win</a> by prediction platform Kalshi against the CFTC, allowing the platform to offer US-based users contracts for betting on election outcomes.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/build-your-own-ai-agent-coinbase-base-jesse-pollak-x-hall-of-flame/" rel="null" target="null" text="null" title="null">You should ‘go and build’ your own AI agent: Jesse Pollak, X Hall of Flame</a>

Robinhood halts Super Bowl bets a day after launch on CFTC request

Cointelegraph

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