Robinhood relaunches football prediction markets amid state lawsuits
Robinhood relaunched football prediction markets ahead of the NFL season and filed lawsuits against gambling regulators in Nevada and New Jersey, according to the report. The company said its event contracts are regulated by the CFTC and that it intends to defend against legal claims. The report also says Robinhood will join the S&P 500 effective 22 September.
Regulators and investors should watch how the lawsuits test Robinhood’s claim that its event contracts are CFTC-regulated.