Get ready for some drama, folks! Robinhood Markets has pulled the plug on its Super Bowl betting product after the Commodities and Futures Trading Commission (CFTC) asked them to stop offering event contracts for the big game.
The launch and subsequent withdrawal of the product on February 4 left some customers high and dry, as they had already placed their bets before the suspension. But don’t worry, Crypto.com is still in the game, offering Super Bowl wagers to those who can’t resist the thrill of betting on the outcome.
Robinhood, being the team player it is, claimed that it had been in constant communication with the CFTC regarding its plans to launch the product. However, the CFTC wasn’t having it and is now probing Crypto.com and Kalshi over their Super Bowl event contracts.
So, there you have it! Robinhood’s foray into event contracts started in October with contracts-for-difference based on the US presidential election, but it looks like they couldn’t keep up with the big leagues. Better luck next time, Robinhood!
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2025-02-05 09:25