Robinhood Suspends Super Bowl Betting Contracts

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Robinhood discontinued its Super Bowl betting contracts less than 24 hours after they were first introduced, after the US Commodity Futures Trading Commission requested their removal.

The decision was made in response to increased concerns from regulators about event-based trading products, especially those related to major sporting events.

The contracts, which were launched in collaboration with prediction market platform Kalshi, allowed users to bet on the outcome of the upcoming Super Bowl game between the Philadelphia Eagles and the Kansas City Chiefs.

However, only a small number of Robinhood customers were able to access these contracts before they were discontinued. Those who had already placed bets will have the option to either close out their positions or see them through to the end, but no new trades will be permitted.