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,

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.

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