US neobroker Robinhood (NASDAQ:HOOD) has announced that derivatives markets regulator The Commodity Futures Trading Commission (CFTC) has formally requested that its Robinhood Derivatives, LLC unit “not permit customers to access” sports event contracts.
We had reported earlier this week that Robinhood was rolling out sports betting on this coming Sunday’s Super Bowl, via what it calls an event contract – allowing its clients to effectively make a binary bet on the outcome of an event, such as whether the Kansas City Chiefs or the Philadelphia Eagles will win the NFL championship game.
Robinhood now says that while it continues to work with the CFTC to understand their concerns, it is suspending the rollout of the “Pro Football Championship market”. The…
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