Sept. 24 (UPI) — The state of New York sued Polymarket on Thursday, accusing the futures marketplace operator of running an illegal gambling platform.<\/p>\n
The lawsuit<\/a> alleges Polymarket operates in violation of the state’s gambling laws, including not being licensed by the New York State Gambling Commission.<\/p>\n It also claims the platform permits users over 18 and pointed to a report<\/a> by the state’s Office of Addiction Service and Supports that users between 18 and 24 are at “high risk” of addictions to gambling.<\/p>\n “By skirting New York’s laws, Polymarket is targeting the most vulnerable and depriving New York families of critical services and support,” state Attorney General Letitia James said in a statement<\/a>.<\/p>\n The state is seeking penalties, including three times the amount of any gains by Polymarket, and to pay $100,000 for every attempt or offer of “sports wagering or mobile sports wagering” in New York.<\/p>\n It is also seeks an accounting of all trades placed on Polymarket, as well as how much was lost by users and what the company earned.<\/p>\n James’ office in late July filed a similar lawsuit against prediction market Kalshi.<\/p>\n “Polymarket was founded in a tiny NYC apartment and now has more than 350 employees here, embodying why people and businesses come here to make it,” Polymarket Chief Legal Officer Neal Kumar said<\/a>.<\/p>\n “We believe in New York and we’re staying here. While the AG’s decision to copy\/paste a recycled lawsuit is disappointing, we’ll fight for our users.”<\/p>\n Polymarket U.S., which debuted in December, is regulated by the Commodity Futures Trading Commission. The CFTC has not commented publicly on New York’s lawsuit.<\/p>\n However, it has sued several states<\/a> that have tried to regulate the prediction markets, arguing that the agency has the right to regulate the markets. New Jersey earlier this month asked the U.S. Supreme Court to decide who regulates<\/a> prediction markets after an appellate court rules federal laws supersede the state’s gambling laws.<\/p>\n","protected":false},"excerpt":{"rendered":"Sept. 24 (UPI) — The state of New York sued Polymarket on Thursday, accusing the futures marketplace operator…\n","protected":false},"author":2,"featured_media":355953,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[81576,9,41902,11,10,13672,40424],"class_list":["post-355952","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-illegal-gambling","tag-new-york","tag-new-york-attorney-general","tag-new-york-headlines","tag-new-york-news","tag-polymarket","tag-the-state-of-new-york"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/355952","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=355952"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/355952\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/355953"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=355952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=355952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=355952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}