New York's attorney general and governor announced a lawsuit against the U.S. arm of Polymarket, seeking a court order to stop it from operating without a gambling license. The action continues the state's broader push against prediction markets, which it argues are illegal gambling businesses.
Attorney General Letitia James already has a similar case against Kalshi, and in April she sued Coinbase Financial Markets and Gemini Titan. New York is one of several states contending that these platforms allow underage betting: most require users to be 18, while many states set the minimum age for sports betting at 21.
The Commodity Futures Trading Commission has counter-sued some states, claiming it is the sole regulator for prediction markets. Court rulings so far have been mixed. A 3rd Circuit panel sided with the CFTC over New Jersey, while the 9th Circuit last month favored Nevada's case against Kalshi.