New York Sues Polymarket Over Alleged Illegal Gambling Operations

New York Attorney General Letitia James has filed a lawsuit against prediction market Polymarket, alleging the platform operates an unlicensed gambling business by offering event contracts on sports without state approval. The state is seeking to halt operations, recover illegal gains, and impose fines. Governor Kathy Hochul stated that the platform evades taxes and poses risks to vulnerable users. This action follows similar legal challenges against Kalshi, Coinbase, and Gemini regarding prediction market regulations.