New York sues Polymarket over unlicensed gambling operation just as it did rival Kalshi
The lawsuit, filed in the New York Supreme Court in Manhattan by Attorney General Letitia James and Governor Kathy Hochul under Executive Law 63(12), noted that Polymarket's products are also being marketed to New Yorkers between the ages of 18 and 20, even though state law requires a person to... Read Entire Article
New York Attorney General Letitia James and Governor Kathy Hochul have sued prediction market platform Polymarket for allegedly operating an unlicensed gambling business within the state. The lawsuit, filed in Manhattan's Supreme Court, asserts that Polymarket lacks a valid license and fails to pay state taxes, unlike licensed casinos and mobile sports betting platforms.
The companies' offerings are marketed to New Yorkers aged 18-20, despite state law mandating participants to be at least 21. New York seeks penalties of three times the gains Polymarket allegedly made through illegal activities and demands the company forfeit its alleged profits while compensating affected users. Governor Hochul emphasized the danger Polymarket poses to underage users, particularly those vulnerable to gambling addiction, stating the lawsuit sends a message that no entity is above New York's laws.
Polymarket refutes the allegations, asserting its operations are lawful and beneficial to the local economy. The lawsuit follows a similar action against Kalshi, another prediction market platform, which New York sued in July for allegedly running an unlicensed gambling business.
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