New York Sues Polymarket Over Alleged Illegal Gambling Operation

New York Attorney General Letitia James and Governor Kathy Hochul have announced a lawsuit against Polymarket US. The state alleges the prediction platform is operating illegal, unlicensed gambling in New York. The lawsuit seeks to stop the activity and asks for fines, forfeiture of alleged illegal gains and restitution for users. **ID:** N25-03 **Site:** NewsBTC **Status:** READY **Author:** NewsBTC Editorial Team **Focus Keyword:** Polymarket **Image Keyword:** Regulation **Category:** Regulation **Tags:** Polymarket, New York, Prediction Markets, Regulation, Kalshi **Primary Source:** https://ag.ny.gov/press-release New York Says The Federal Structure Does Not Override State Gambling Law Polymarket returned to the U.S. market after acquiring regulated exchange infrastructure and operating under the federal commodities framework. New York is arguing that this does not give the platform a free pass under state gambling rules. According to the Attorney General’s office, an investigation found that Polymarket offered users the ability to wager on sporting events without a New York gambling license. The state also alleges the platform exposes users below New York’s legal gambling ag…

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