New York sues Polymarket over alleged illegal gambling
The state wants the prediction market blocked unless it gets a gambling license. Polymarket says federal derivatives law governs its contracts and plans to fight.
TLDR
New York Attorney General Letitia James sued Polymarket US on September 24, alleging that the prediction market operates an unlicensed gambling business in the state. The complaint says Polymarket avoids taxes and safeguards required of licensed operators and allows 18- to 20-year-olds to use the service despite New York’s minimum age of 21 for mobile sports betting. The state seeks an order halting the operation, restitution, forfeiture and fines. Polymarket says its event contracts are federally regulated derivatives, not state-regulated gambling, and that it will fight the case.
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