Robinhood receives US CFTC request to roll back Super Bowl prediction contracts

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Robinhood receives US CFTC request to roll back Super Bowl prediction contracts

//business-finance.news-articles.net/content/202 .. o-roll-back-super-bowl-prediction-contracts.html

Published in Business and Finance on Tuesday, February 4th 2025 at 13:00 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Robinhood said on Tuesday it had received a formal request from the U.S. Commodity Futures Trading Commission to roll back its Super Bowl betting contracts product.

2025-02-04 210 x 110 / 4527 Bytes

Robinhood Markets Inc. has been asked by the U.S. Commodity Futures Trading Commission (CFTC) to cease offering its "Super Bowl" prediction contracts, which allow users to bet on the outcome of the Super Bowl, due to concerns that these contracts might violate federal gambling laws. The CFTC's enforcement division sent a letter to Robinhood on February 4, 2025, requesting the company to voluntarily stop offering these event contracts. The contracts in question are part of Robinhood's expansion into event-based contracts, which also include predictions on other events like the Academy Awards. The CFTC's action follows a similar move by the agency against other companies offering event contracts, highlighting ongoing regulatory scrutiny over such financial products. Robinhood has not yet responded publicly to the CFTC's request.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/robinhood-receives-us-cftc-request-roll-back-super-bowl-prediction-contracts-2025-02-04/ ]