Polymarket countersues New York state over ‘unregulated gambling’ allegation

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1. 1h ago

   Polymarket countersues New York state over 'unregulated gambling' allegation

   Polymarket has countersued New York state's attorney general, challenging the state's allegations that it operates an unlicensed gambling operation. The company faces a lawsuit from Letitia James, who claims Polymarket violates state gambling laws. Polymarket's countersuit aims to block regulation of its prediction market.

   Why it matters

   This case is part of a broader crackdown by New York on prediction markets, which the state considers a form of illegal gambling. The suit against Polymarket follows a similar lawsuit filed against Kalshi. The outcome will have implications for the regulation of prediction markets in the US.

   What is confirmed

   • New York Attorney General Letitia James claims Polymarket operates an unlicensed gambling operation.
   • Polymarket has countersued New York state's attorney general to block regulation of its prediction market.
   • The state considers prediction markets, like Polymarket, a form of illegal gambling.

   What to watch next

   • The court's decision on Polymarket's countersuit
   • Any potential settlements or negotiations between Polymarket and New York state
   • The impact of this case on the regulation of prediction markets in the US
   Sources used for this update (14)

   1. www.cnbc.com — Prediction Markets - CNBC
   2. AP News — New York sues prediction market Polymarket, calling it an unlicensed gambling operation
   3. CNBC — New York sues Polymarket U.S., two months after filing lawsuit against Kalshi
   4. Reuters — New York lawsuit says Polymarket's prediction markets are illegal gambling
   5. ABC News - Breaking News, Latest News and Videos — New York Attorney General Letitia James files suit against Polymarket
   6. Ars Technica — New York asks court to shut down Polymarket's "illegal gambling operation"
   7. Reuters — Polymarket sues New York attorney general to block regulation of its prediction market
   8. aljazeera.com — New York sues Polymarket over allegations of illegal gambling operations
   9. Engadget — New York Continues To Fight Prediction Markets With A Lawsuit Against Polymarket
   10. News12 | Long Island — Gov Hochul Ag James Launch Lawsuit Accusing Polymarket Of Illegal Gambling Operation
   11. Times Union — New York sues Polymarket in latest legal action against prediction markets
   12. justthenews.com — New York and Polymarket headed to court over prediction market
   confidence 85%