{"id":205168,"date":"2026-04-21T20:31:09","date_gmt":"2026-04-21T20:31:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/205168\/"},"modified":"2026-04-21T20:31:09","modified_gmt":"2026-04-21T20:31:09","slug":"new-york-attorney-general-sues-two-prediction-markets-on-illegal-gambling-allegations","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/205168\/","title":{"rendered":"New York Attorney General sues two prediction markets on illegal gambling allegations"},"content":{"rendered":"<p class=\"col-body mb-4 leading-7 text-[18px] md:leading-8 break-words min-w-0 charcoal-color\">New York is the latest state to take a stand against prediction markets. Attorney General Letitia James has <a class=\"link \" href=\"https:\/\/ag.ny.gov\/press-release\/2026\/attorney-general-james-sues-coinbase-and-gemini-running-illegal-gambling\" data-i13n=\"cpos:1;pos:1\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:sued;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;1&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;sued&quot;,&quot;yHasCommerce&quot;:false}\">sued<\/a> Coinbase Financial Markets and Gemini Titan on charges that both are illegally running unlicensed gambling operations. The suit also claims that these prediction markets violate state laws that prevent betting on games involving New York college sports teams.<\/p>\n<p class=\"col-body mb-4 leading-7 text-[18px] md:leading-8 break-words min-w-0 charcoal-color\">&#8220;Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution,&#8221; James said. &#8220;Gemini and Coinbase\u2019s so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails.&#8221;<\/p>\n<p class=\"col-body mb-4 leading-7 text-[18px] md:leading-8 break-words min-w-0 charcoal-color\">Multiple states have taken similar actions over the proliferation of prediction markets, but they may face a new roadblock at the federal level. Earlier this month, the US Commodity Futures Trading Commission <a class=\"link \" href=\"https:\/\/www.engadget.com\/big-tech\/cftc-sues-three-states-for-trying-to-regulate-prediction-markets-190152226.html\" data-i13n=\"cpos:2;pos:1\" data-ylk=\"slk:sued;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkPosition&quot;:&quot;2&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;sued&quot;,&quot;yHasCommerce&quot;:false}\" rel=\"nofollow noopener\" target=\"_blank\">sued<\/a> three of the states that have charged prediction markets with running unlicensed gambling. The CFTC claimed that it should be the sole regulator for prediction markets and called the efforts by Arizona, Connecticut and Illinois an overreach of authority.<\/p>\n","protected":false},"excerpt":{"rendered":"New York is the latest state to take a stand against prediction markets. Attorney General Letitia James has&hellip;\n","protected":false},"author":2,"featured_media":205169,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[393,81291,398,9,11,10,17757,81290],"class_list":{"0":"post-205168","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-attorney-general","9":"tag-gemini-titan","10":"tag-letitia-james","11":"tag-new-york","12":"tag-new-york-headlines","13":"tag-new-york-news","14":"tag-prediction-markets","15":"tag-unlicensed-gambling"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/205168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=205168"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/205168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/205169"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=205168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=205168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=205168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}