New York has filed a lawsuit against Polymarket, a prediction market platform, accusing it of running an unlicensed gambling operation without the state’s approval. The lawsuit asks a judge to halt Polymarket’s activities in New York and seeks fines and restitution for users. This legal move follows similar actions against other platforms like Kalshi, Coinbase, and Gemini, as states crack down on popular betting apps. Polymarket argues it differs from traditional gambling since users trade contracts based on event outcomes, akin to stock market activity. Governor Kathy Hochul emphasized the risks to underage users, while Polymarket vowed to defend its operation and commitment to New York. The Commodity Futures Trading Commission, which oversees these platforms federally, has yet to comment.
Back
