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New York Sues Polymarket Over Alleged Illegal Gambling Operation

Her office is seeking a court order to halt the alleged operations, impose penalties and recover what it describes as illegally obtained gains.

,   and  TIPP Staff
2 min read
New York sues Polymarket, accuses company of running illegal gambling operation.Pic via(@nypost)

New York Attorney General Letitia James has sued Polymarket, accusing the prediction market platform of operating an unlicensed gambling business in violation of state law.

Her office is seeking a court order to halt the alleged operations, impose penalties and recover what it describes as illegally obtained gains.

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Prediction markets have attracted significant attention since the 2024 presidential election, when platforms gained prominence for forecasting political outcomes. Polymarket maintains that it provides financial services rather than gambling and argues that it is not subject to state gambling laws.

The dispute comes amid broader regulatory uncertainty over prediction markets. The Trump administration has argued that the Commodity Futures Trading Commission should have primary authority over the industry, while several states have pursued their own legal actions. New York previously took similar action against other companies in the sector.

Federal appeals courts remain divided over the regulatory framework, potentially setting the stage for further litigation and possible Supreme Court review.

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