The top securities regulator in Massachusetts is conducting an inquiry into the decision made by Robinhood, a trading platform, to introduce a prediction-markets hub where users can gamble on various events, including college basketball tournaments such as March Madness. Massachusetts Secretary of State Bill Galvin expressed concerns about Robinhood connecting a betting activity on a popular sports event, particularly appealing to young individuals, with a brokerage account. The regulator sent Robinhood a subpoena seeking information on the number of brokerage account users in the state interested in trading college sports events contracts. These contracts enable traders to predict outcomes on a variety of topics, from sports and entertainment to politics and economics, sparking debate among supporters and critics who view it as akin to gambling. Robinhood did not provide a comment in response to the subpoena. The platform had recently collaborated with derivatives trading platform KalshiEX to offer prediction markets nationwide, with customers potentially betting on upcoming college basketball tournaments. The launch occurred after Robinhood withdrew event contracts for betting on the Super Bowl, following a request from the U.S. Commodity Futures Trading Commission. Despite this, Robinhood proceeded with introducing college events contracts, indicating ongoing cooperation with the CFTC. The regulator has been requested to provide internal communications regarding the decision to roll out college sports contracts despite previous interactions with the CFTC.