New York Continues To Fight Prediction Markets With A Lawsuit Against Polymarket
The state now has illegal gambling charges underway against four of these businesses.
Spencer Platt/Getty Images
The state of New York continues to take action against prediction markets, arguing that they are running illegal gambling businesses. Today, the state's Attorney General Letitia James and Governor Kathy Hochul announced a new lawsuit against the domestic branch of Polymarket. The duo are seeking a court order "stopping Polymarket from operating as an unlicensed gambling business in New York state," according to the AG's office.
James also has a similar lawsuit underway against Kalshi that launched in July and she sued Coinbase Financial Markets and Gemini Titanin April. New York is one of several states attempting to reign in prediction markets and regulate them as gambling operations. Some of the state-level suits, including this latest action by New York against Polymarket, also argue that the prediction markets allow underage betting. Most prediction...
Copyright of this story solely belongs to www.engadget.com. To see the full text click HERE
