Odaily News Robinhood Markets has suspended its Super Bowl betting service after the U.S. CFTC asked it to remove its customers’ access to contracts for the event.
Just one day earlier, Robinhood had partnered with prediction market Kalishi to launch the product, which allows users to bet on the outcome of the NFL Super Bowl championship game between the Philadelphia Eagles and the Kansas City Chiefs on Feb. 9. In a Feb. 4 announcement, Robinhood said it was pausing the launch of the pro football championship betting market while it continues to work with the CFTC to understand its concerns.
The company said it has rolled out the product to about 1% of its customers, some of whom have already traded. Robinhood said: “We are disappointed with this outcome, particularly given that we have been in regular communication with the CFTC regarding our intent and plans to offer this product.”