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New York Sues Prediction Market Polymarket, Calling It an Unlicensed Gambling Operation
Letitia James says Polymarket operated as an illegal gambling platform as states step up enforcement against prediction markets.
- On Thursday, Attorney General Letitia James sued Polymarket, accusing the platform of operating an unlicensed gambling business in violation of New York law. James' office seeks a court order to block operations, impose fines, and forfeit illegal gains.
- Prediction markets soared after forecasting Republican Donald Trump's 2024 victory over Democrat Kamala Harris. Earlier this week, the Commodity Futures Trading Commission began investigating Polymarket after fraudsters attempted to steal at least $10 million.
- New York Governor Kathy Hochul stated that by running an unlicensed operation, Polymarket puts "New Yorkers at risk." James filed similar petitions against rivals Kalshi and Coinbase Financial Markets in April, continuing her crackdown.
- The Trump administration maintains the CFTC should be the sole regulator, clashing with states acting without Washington oversight. Polymarket argues it provides financial services, not gambling, and remains exempt from state laws.
- Federal appeals courts remain divided over industry oversight, raising the prospect that the Supreme Court may need to intervene. Experts fear a potential wave of gambling addiction facilitated by these platforms.
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35 Articles
35 Articles
The Toronto Star+11 Reposted by 11 other sources
New York sues prediction market Polymarket, calling it an unlicensed gambling operation
NEW YORK (AP) — New York sued the prediction market Polymarket on Thursday, arguing the platform is an unlicensed gambling operation and calling for a judge to block the company from operating in the state.
·Toronto, Canada
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New York sues prediction market Polymarket, calling it an unlicensed g
NEW YORK (AP) — New York sued the prediction market Polymarket on Thursday, arguing the platform is an unlicensed gambling operation and calling for a judge to block the company from operating in the state. The lawsuit
·Baltimore, United States
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Cointelegraph+2 Reposted by 2 other sources
New York Sues Polymarket over Alleged Illegal Gambling Business
The action filed by state lawmakers followed a similar lawsuit against prediction markets company Kalshi in July that alleged the platform was running an illegal gambling operation.
·New York, United States
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Total News Sources35
Leaning Left10Leaning Right3Center11Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 42%
C 46%
12%
Factuality
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