New York State Sues Polymarket US Over Unlicensed Betting Operations

The State of New York has filed a lawsuit against Polymarket US (QCX LLC), alleging the platform operates as an unlicensed gambling service. New York authorities argue that the platform's sports betting markets violate local laws, citing the lack of a state license, the acceptance of users under 21, and the inclusion of prohibited collegiate sports contracts. Polymarket has countered by filing a federal lawsuit, asserting that its operations fall under the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC), setting up a legal battle over whether federal oversight supersedes state-level gambling regulations.