Robinhood said on Tuesday it had suspended trading in Super Bowl betting contracts after the brokerage received a request from the U.S. Commodity Futures Trading Commission. "We are heeding their directive to cease offering these contracts despite the fact that the CFTC has not deemed Kalshi's football championship contracts illegal,

The CFTC asked the brokerage to stop offering customer access to contracts, warning that they might be illegal blurring of financial markets and gambling.

Robinhood reversed course just a day after introducing events contracts that would have allowed investors to trade based on the outcome of the Super Bowl.

While Kalshi is regulated by the CFTC, the prediction market is not able to list contracts that include gaming, a vague area that has led to disputes and likely ended the Robinhood launch, as reported by the Wall Street Journal. The CFTC is reviewing Super Bowl contracts issued by Kalshi and Crypto.com.

Robinhood (HOOD), the financial services company, is rolling back plans to allow its customers to invest in event contracts tied to the outcome of this weekend’s Super Bowl.

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Robinhood and Kalshi have pulled their Super Bowl event contracts at the request of the U.S. Commodity Futures Trading Commission (CFTC).

Robinhood Markets Inc. said it received a formal request from the Commodity Futures Trading Commission to suspend its offerings for traders to place bets on the outcomes of the Feb. 9 Super Bowl game.