Stopped at the goal line.

The Commodity Futures Trading Commission (CFTC) said Tuesday it has formally requested that Robinhood (HOOD) “not permit customers to access” sports event contracts.

On Monday, Robinhood said it would launch event contracts for Super Bowl LIX, allowing customers to place trades on who will win the big game: the Kansas City Chiefs or the Philadelphia Eagles.

The event contracts began trading on Monday.

Robinhood said it would now suspend the rollout of the events contracts.

The company estimates about 1% of its customers were rolled into the new product. Robinhood said it's aiming to provide an option to these customers 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 said in a statement.

Shares of Robinhood shook off the news, gaining 1% by midday trading.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram and on LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance