New York sues Polymarket, alleging it is running an illegal gambling operation
The state wants to block Polymarket from operating without a gambling license and recover allegedly illegal gains.
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Summary
- New York sued Polymarket on Thursday, alleging the prediction market is operating an unlicensed gambling business in the state.
- The state wants to block Polymarket from operating without a gambling license and is seeking restitution, forfeiture of alleged illegal gains and financial penalties.
- The case adds to a broader fight over whether prediction markets should be regulated federally by the CFTC or subject to state gambling laws.
