Massachusetts regulators have launched an investigation into Robinhood Markets Inc. following the introduction of its new 'Predictions Hub', which allows users to bet on the outcomes of various events, including the March Madness college basketball tournament. The state's Secretary of the Commonwealth, Bill Galvin, has expressed concerns that the service may blur the lines between investing and gambling, particularly among young people. Robinhood has been subpoenaed by Massachusetts authorities, who are seeking internal documents, user data, and marketing materials related to the trading of college sports events. The company's event contracts are regulated by the U.S. Commodity Futures Trading Commission (CFTC) and are offered through CFTC-registered entities like KalshiEX. The investigation comes after Robinhood had previously suspended a similar offering on the Super Bowl at the urging of the CFTC. Robinhood maintains that its prediction markets are offered in a safe and regulated manner, aiming to provide retail customers with access to these financial products.