US neobroker Robinhood (NASDAQ:HOOD) has announced that derivatives markets regulator The Commodity Futures Trading Commission (CFTC) has formally requested that its Robinhood Derivatives, LLC unit “not permit customers to access” sports event contracts.

We had reported earlier this week that Robinhood was rolling out sports betting on this coming Sunday’s Super Bowl, via what it calls an event contract – allowing its clients to effectively make a binary bet on the outcome of an event, such as whether the Kansas City Chiefs or the Philadelphia Eagles will win the NFL championship game.

Robinhood now says that while it continues to work with the CFTC to understand their concerns, it is suspending the rollout of the “Pro Football Championship market”. The company said that it has rolled this product out to roughly 1% of its customers – for those who already placed trades, Robinhood plans on providing the option to close their positions or take them to resolution.

Robinhood added that it is disappointed by this outcome, especially given that the company had been in regular communication with the CFTC about its intent and plans to offer this product. (Robinhood had earlier run an event contract around the US Presidential election). The company said it has also taken steps to advocate for balanced regulation in the futures and derivatives markets, including participating directly in a CFTC roundtable, providing written feedback to the CFTC, and generally championing the economic benefits of event contracts.

Robinhood will continue to collaborate with the CFTC as it works to roll out a more comprehensive event contracts platform later this year – the company’s stance on event contracts can be seen here.