French gambling regulator ANJ is reviewing Robinhood’s front-of-shirt sponsorship of OGC Nice, according to L’Équipe. The inquiry focuses on whether the deal promotes Robinhood’s prediction-market business, which France classifies as unauthorized gambling.
Advertising Rule Creates Legal Risk
French law treats advertising an unauthorized gambling site as a criminal offense. Robinhood limits its event contracts to US residents, which may give it a defense in theory. It still does not answer how the ANJ views a parent-brand sponsorship that puts a logo on match shirts.
The review follows a warning from nine European gambling regulators. They urged sports bodies to check the legal status of prediction-market operators before signing commercial agreements. In February, the ANJ said prediction-market sites are not authorized in France and are treated as illegal gambling sites.
On July 16, the ANJ ordered French internet providers to block Polymarket. It said Polymarket’s homepage promoted an unauthorized gambling offer and added that advertising such a site by any means is a criminal offense.
L’Équipe did not say whether the ANJ is treating Robinhood’s corporate logo as promotion of its prediction markets. No formal action has been identified. The ANJ has published no enforcement notice naming Robinhood or OGC Nice. Its public position leaves a gap between reviewing a brand relationship and proving the shirt deal promotes an unauthorized product.
Deal Was Signed Before Regulator Warning
Robinhood and OGC Nice announced the multi-year agreement on July 1, 2025, almost a year before the coordinated warning to sports organizations. The deal made Robinhood the principal partner of the club’s men’s and women’s first teams from the 2025/26 season. Financial terms were not disclosed.
The rights extend beyond match shirts. OGC Nice said the package covers training and warm-up kits, stadium signage, club digital channels, and branded content with players and ambassadors. The announcement did not name prediction markets. Robinhood said the agreement would introduce new audiences to its financial products as it expanded in the European Union.
Robinhood’s French site currently advertises stock tokens, cryptocurrencies, and perpetual futures. None of those listings settles how the ANJ views a sponsorship by the parent brand. The regulator has not publicly explained the test it is applying.
Event Contracts Now Bring Material Revenue
Robinhood launched its Prediction Markets Hub in March 2025 with contracts tied to Federal Reserve decisions and college basketball. It initially relied on Kalshi, a CFTC-regulated US exchange. Robinhood later added Rothera, run through a joint venture with Susquehanna International Group. The CFTC lists Rothera as a designated contract market, but that US status does not determine how France classifies the products.
Robinhood reported $156 million of event-contract revenue for the second quarter of 2026. That was more than equities or cryptocurrencies, with 13.6 billion contracts traded. The company has also kept adding suppliers, including minority stakes in Crypto.com and OG.
Robinhood’s event-contract help page requires an approved derivatives account and US residency. The French product page does not list prediction markets.
