New York AG Letitia James sues Polymarket US, alleging that the site is illegally running a gambling operation, as part of NY's crackdown on prediction markets (Kevin T. Dugan/Wall Street Journal)
The company and rival Kalshi are facing legal challenges from states around the country — New York, one of the largest markets …
New York's Attorney General Letitia James has sued Polymarket, accusing it of running an illegal gambling operation. According to the Attorney General, Polymarket operates without a license and exposes New Yorkers to gambling harms.
The lawsuit, filed by James, seeks fines, restitution, and a court order blocking the platform from operating in the state. The suit claims that Polymarket's activities violate state laws against illegal gambling.
Prediction market platforms, including Polymarket, have argued that states do not have the authority to govern them, citing federal regulation by the U.S. Commodity Futures Trading Commission.
Brief written by urgent.news from Insurance Journal, Decrypt, Quartz, The Block, PBS NewsHour — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- New York Sues Polymarket, Says It Ran Illegal Gambling Operation insurancejournal.com
- New York Accuses Polymarket US of Running ‘Unlicensed Gambling’ bloomberg.com
