Massachusetts regulator subpoenas Robinhood over sports betting
CNN
Massachusetts regulators are investigating Robinhood over launching a prediction markets hub, a way of letting users bet on its platform.
Massachusetts regulators are investigating Robinhood over launching a prediction markets hub, a way of letting users bet on March Madness college basketball games on its platform. Secretary of the Commonwealth of Massachusetts Bill Galvin sent a subpoena to Robinhood on March 20 over the company’s decision to launch its prediction markets hub, a spokesperson for the secretary confirmed to CNN. The probe was first reported by Reuters. Robinhood on March 17 launched its new hub for prediction markets — basically a form of betting on everything from basketball games in the NCAA tournaments to the chances the Federal Reserve cuts interest rates at a given meeting. Users can buy and trade financial contracts tied to the outcome of a given event, essentially betting on the outcome. The secretary’s office wants information by April 3 about Massachusetts residents requesting to bet on college sports, the spokesperson confirmed, as well as internal company communication about the hub’s launch. The Massachusetts probe is the latest investigation into prediction markets, which have soared in popularity in recent years. The rise of prediction markets has brought a bevy of legal questions about where to draw the line between investing and trading versus online gambling. Galvin said he was concerned that Robinhood was “linking a gambling event on a popular sports event that’s especially popular to young people to a brokerage account,” according to an interview with Reuters.
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