Market Chatter: Robinhood Investigated by Massachusetts Regulator Over NCAA Tournament Betting

MT Newswires Live03-24

Robinhood Markets (HOOD) is under investigation by Massachusetts' top securities regulator for its decision to launch a prediction-markets hub allowing users to bet on a number of events, including the NCAA college basketball tournaments, Reuters reported Monday.

Massachusetts Secretary of State Bill Galvin told Reuters in an interview that his office subpoenaed Robinhood last week asking for information on the number of its brokerage account users in the state requesting to trade college sports events contracts as the college basketball tournaments started.

Robinhood did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 48.09, Change: +3.73, Percent Change: +8.41

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