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New York sues Polymarket for operating an unlicensed gambling business
The lawsuit says Polymarket runs prediction markets where users stake money on outcomes they cannot control, and it did not obtain a license from the New York State Gaming Commission.
Bitcoin Magazine reports that New York Attorney General Letitia James and Governor Kathy Hochul filed a lawsuit against crypto-based prediction market Polymarket, alleging it operates an unlicensed gambling business in the state.
According to the filing, an investigation found Polymarket meets New York’s legal definition of gambling because users stake money on uncertain outcomes they cannot control.
The suit alleges Polymarket never obtained a license from the New York State Gaming Commission, which the complaint says allowed the platform to avoid taxes paid by licensed casinos and mobile sportsbooks.
Bitcoin Magazine adds that the complaint argues those taxes help fund public schools, youth sports programs, and problem gambling treatment.
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