Polymarket Slams New York Lawsuit
New York sues Polymarket over illegal gambling claims.
In brief
New York sues Polymarket over illegal gambling claims. New York sued Polymarket for operating unlicensed prediction markets, claiming it targets vulnerable users and risks underage gambling. Originally reported by Pymnts.
New York sues Polymarket
New York sued Polymarket US, QCX LLC, claiming its prediction markets run illegal gambling operations without state licensing.
New York's claims
New York alleges Polymarket meets gambling legal definitions and failed to obtain a license from the New York State Gaming Commission.
New York's statements
New York Attorney General Letitia James said Polymarket targets vulnerable families and deprives New York residents of critical services.
New York Governor's warning
New York Governor Kathy Hochul warned Polymarket puts New Yorkers at risk, especially underage users vulnerable to problem gaming.
Polymarket's response
Polymarket's chief legal officer Neal Kumar said the company will fight for users, criticizing New York's recycled lawsuit approach.
“While the AG’s decision to copy/paste a recycled lawsuit is disappointing, we’ll fight for our users”
Broader context
New York previously sued Coinbase and Gemini Titan, and the CFTC sued New York over gambling law applications to contract markets.
The big picture
New York sued Polymarket for operating unlicensed prediction markets, claiming it targets vulnerable users and risks underage gambling.
