Polymarket sues New York attorney general to block regulation of its prediction market

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.