Robinhood Ends Super Bowl LIX Bets Plan After CFTC Complaint: 'Work To Roll Out A More Comprehensive Contracts Platform Later This Year'

A plan by Robinhood Markets (NASDAQ:HOOD) to offer event contracts for Super Bowl LIX has ended after pressure from the Commodity Futures Trading Commission.

What Happened: Robinhood's planned launch of more sports event contracts through a partnership with Kalshi was expected to come in time for Super Bowl LIX with the Kansas City Chiefs and Philadelphia Eagles battling for the NFL championship on Feb. 9.

Robinhood has ended its battle after receiving a formal request from the CFTC.

"The Commodity Futures Trading Commission has formally requested that Robinhood Derivatives LLC ‘not permit customers to access' sports event contracts," Robinhood said in a statement.

The company said it is suspending the rollout of the Pro Football Championship market, which was available to around 1% of customers currently. Existing trades by customers are expected to have the option to close the positions out or see them through to a resolution on the game.

"We are disappointed by this ...

Full story available on Benzinga.com