New York sues Polymarket over allegations of illegal gambling operations
Summary
New York State has sued the prediction market company Polymarket for operating illegal gambling without a state license. The lawsuit claims Polymarket allowed underage betting and violated state gambling laws designed to protect residents.Key Facts
- New York Attorney General Letitia James filed the lawsuit against Polymarket.
- Polymarket is accused of running gambling operations without a license from the State Gaming Commission.
- The suit says Polymarket encouraged gambling among people as young as 18, but New York law requires users to be at least 21 for sports betting.
- Polymarket is valued at more than $20 billion.
- The company advertised sports betting on its mobile app starting in July 2025.
- Similar lawsuits have been filed against companies Kalshi, Coinbase, and Gemini for illegal gambling activities.
- Polymarket’s chief legal officer said the company wants to work with regulators but was met with public legal action instead.
- Other states like Arizona, Massachusetts, and Nevada are also suing prediction market platforms, while federal agencies claim responsibility for regulating them.
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