Robinhood Suspends ‘Pro Football Championship’ Event Contracts

Robinhood (HOOD) has suspended trading of event contracts on the outcome of this weekend’s “Pro Football Championship,” just a day after announcing the promotion.

The online trading platform said Tuesday that it received a request from the Commodity Futures Trading Commission (CFTC) to “not permit customers to access” sports event contracts. Robinhood said it was immediately suspending the product’s rollout, and that it had only been made available to “roughly 1%” of its customers.

Robinhood ‘Disappointed’ By CFTC’s Request

“We are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product,” the company said.

Robinhood added it plans to continue engaging with the CFTC “as we work to roll out a more comprehensive event contracts platform later this year.”

The promotion would have allowed users to buy an event contract on whether they thought “Kansas City” or “Philadelphia” would win Sunday’s big game. (The NFL owns the trademarks, only allowing official partners to use the full team names—the Kansas City Chiefs and Philadelphia Eagles—and the term “Super Bowl.”)

Robinhood shares were up nearly 2% in recent trading. They have soared about 385% over the last 12 months.