New York sues prediction market Polymarket, calling it an unlicensed gambling operation

Live updates

1. 2h ago

   New York sues Polymarket, calls it unlicensed gambling operation

   New York has sued prediction market Polymarket, alleging it operates as an unlicensed gambling operation. The lawsuit, filed by Attorney General Letitia James and Governor Kathy Hochul, seeks to block Polymarket's activities in the state. Polymarket allows users to bet on the outcome of various events, raising concerns about investor protection and regulatory oversight.

   Why it matters

   This lawsuit is part of a broader crackdown on prediction markets in the US. Similar concerns have been raised about other platforms, including Kalshi. The Commodity Futures Trading Commission regulates prediction markets at the federal level, but states like New York are asserting their authority to govern these platforms.

   What is confirmed

   • New York Attorney General Letitia James and Governor Kathy Hochul filed a lawsuit against Polymarket.
   • The lawsuit alleges Polymarket operates as an unlicensed gambling operation.
   • Polymarket allows users to bet on the outcome of various events.

   What to watch next

   • The outcome of the lawsuit and potential regulatory actions against Polymarket
   • The response from Polymarket and other prediction market platforms
   • Any further regulatory actions by the Commodity Futures Trading Commission
   Sources used for this update (18)

   1. AP News — New York sues prediction market Polymarket, calling it an unlicensed gambling operation
   2. CNBC — New York sues Polymarket U.S., two months after filing lawsuit against Kalshi
   3. Reuters — New York lawsuit says Polymarket's prediction markets are illegal gambling
   4. abcnews.com — New York Attorney General Letitia James files suit against Polymarket
   5. Bloomberg.com — New York Accuses Polymarket US of Running ‘Unlicensed Gambling’
   6. The Hill — New York accuses Polymarket of running illegal gambling operation in new lawsuit
   7. Ars Technica — New York asks court to shut down Polymarket's "illegal gambling operation"
   8. The New York Times — New York sues Polymarket for running ‘illegal gambling operation’
   9. aljazeera.com — New York sues Polymarket over allegations of illegal gambling operations
   10. News12 | Long Island — Gov Hochul Ag James Launch Lawsuit Accusing Polymarket Of Illegal Gambling Operation
   11. WSJ — New York State Sues Polymarket in Escalating Crackdown on Prediction Markets
   12. bitcoinmagazine.com — New York Sues Polymarket, Calling Prediction Market an Illegal Gambling Operation - Bitcoin Magazine
   confidence 85%