Legal And Regulatory News

New York Files Suit to Block Polymarket, Citing Unlicensed Gambling

New York State has filed a lawsuit against prediction market platform Polymarket, alleging it operates as an unlicensed gambling entity. The state seeks to block the company from operating in New York, impose fines, and force restitution to users. Polymarket, which employs over 350 people in the state, has vowed to fight the legal action, arguing that its platform functions like a stock market rather than a gambling operation. This move follows similar legal challenges against competitors like Kalshi and highlights the ongoing conflict between state gambling regulators and federal authorities over the classification of event contracts.