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Robinhood Markets has withdrawn its Super Bowl betting merchandise aft the Commodities and Futures Trading Commission (CFTC) asked it to cease providing lawsuit contracts for the game.
The determination follows the motorboat of the merchandise connected Wednesday successful concern with prediction marketplace Kalshi wherever users tin stake connected the effect of the Super Bowl betwixt the Philadelphia Eagles and Kansas City Chiefs connected February 9.
Source: XOn February 4 the company stated that it would suspend the enlargement of the Pro Football Championship marketplace portion it deals with the CFTC. While Robinhood had lone launched the merchandise to astir 1% of its customers, immoderate of them had placed trades earlier the suspension.
Robinhood said it was disappointed implicit the move, saying that it had been successful changeless connection with the CFTC regarding its plans to motorboat the product.
This comes aft the CFTC said it is probing Crypto.com and Kalshi implicit their Super Bowl lawsuit contracts, whether they conscionable derivatives regulations.
Event contracts are antithetic from betting wherever users tin stake connected the result created from a excavation of users not a bookmaker. However, Crypto.com has since travel retired to affirm that it volition spell up and connection Super Bowl wagers.
Robinhood’s foray into lawsuit contracts started successful October with contracts-for-difference based connected the US statesmanlike predetermination aft a ineligible triumph for Kalshi, which enables users to stake connected the outcomes of the predetermination successful the US.
Also Read: CME Group Futures Now Available connected Robinhood
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