Robinhood Halts Super Bowl Bets

Robinhood announced on Tuesday that it will be retracting its recently launched event contracts for the Super Bowl, following a directive from the US Commodity Futures Trading Commission.

The online brokerage expressed disappointment with the decision and stated that they will comply with the CFTC’s request, even though the commission has not declared the football championship contracts by Kalshi as illegal.

The company had introduced these products in hopes of capitalizing on the popularity of betting on major sporting events among retail investors.

A CFTC spokesperson released a statement to Reuters expressing their concerns about any potentially illegal contracts being offered to customers by FCMs, and promised to exercise their oversight authority to the fullest extent.