Robinhood has been forced to backtrack on its plans to launch event contracts on this weekend’s Super Bowl LIX.

Just one day after rolling out a new product that enables users to trade event contracts on the outcome of Sunday’s Super Bowl between the Kansas City Chiefs and Philadelphia Eagles, the Commodity Futures Trading Commission (CFTC) has formally requested that Robinhood “not permit customers to access” sports event contracts.

The launch would have allowed users in all 50 US states to buy one of two contracts based on their prediction of “who will win.”

“While we continue to work with the CFTC to understand their concerns, we are suspending the rollout of the Pro Football Championship market,” Robinhood said in a statement. “We have rolled this product out to roughly 1 per cent of our customers, and for those who already placed trades, we plan on providing the option to close their positions or take them to resolution.

“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. We’ve 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 added that it will continue to collaborate with the CFTC as the company works to roll out a more comprehensive event contracts platform later this year.

Last year, the financial trading platform brought election betting to the masses with the launch of event contracts on the US presidential election.

This followed a federal ruling in September that lifted the ban on election betting contracts imposed by the CFTC, which previously warned that election betting contracts may present a risk to the integrity of the electoral process.