New York sues Polymarket over allegations of illegal gambling operations

New York State has filed a lawsuit against prediction market company Polymarket, alleging it violated laws against illegal gambling. The suit, filed by Attorney General Letitia James, follows a similar lawsuit against Kalshi and previous actions against Coinbase and Gemini for offering betting on sports, entertainment, and elections without proper licensing. The state accuses Polymarket of operating without a license from the Gaming Commission and targeting users as young as 18, despite the legal age being 21 for mobile betting. Governor Kathy Hochul stated that Polymarket's unlicensed operations endanger vulnerable youth and violate state laws, depriving families of critical services.