New York Files Lawsuit Against Polymarket Over Alleged Illegal Gambling

New York Attorney General Letitia James and Governor Kathy Hochul have initiated a lawsuit against Polymarket US, alleging the platform operates an unlicensed gambling business within the state. The state claims Polymarket allows wagering on sporting events without proper licensing and fails to enforce the legal gambling age of 21. The legal action seeks to halt the platform's operations in New York, while demanding financial penalties, the forfeiture of illegal proceeds, and restitution for users. This case highlights the ongoing jurisdictional conflict between federal commodities oversight and state-level gambling regulations regarding prediction markets.