Robinhood Markets has paused Super Bowl bets following the CFTC's request to block its clients' access to contracts for the event.
The suspension was implemented the day after the launch of the product in partnership with predictions marketplace Kalishi, which allowed users to bet on the outcome of the Feb. 9 Super Bowl game between the Philadelphia Eagles and Kansas City Chiefs.
In response to the CFTC's concerns, Robinhood announced on Feb. 4 it would halt the launch of the Pro Football Championship marketplace and work with the commission to resolve the issues.
The company estimated that only 1% of its customers had accessed the product, and that some had already placed bets. Robinhood expressed disappointment with the outcome and acknowledged that it had been in communication with the CFTC regarding its plans to offer this product.