{"id":356092,"date":"2026-09-24T21:38:08","date_gmt":"2026-09-24T21:38:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/356092\/"},"modified":"2026-09-24T21:38:08","modified_gmt":"2026-09-24T21:38:08","slug":"polymarket-slams-ny-lawsuit-as-state-targets-prediction-mark","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/356092\/","title":{"rendered":"Polymarket Slams NY Lawsuit as State Targets Prediction Mark\u2026"},"content":{"rendered":"

Polymarket<\/a> will fight for its users, the company\u2019s chief legal officer said Thursday (Sept. 24), after New York announced that the state filed a lawsuit against the company.<\/p>\n

New York sued the company behind\u00a0Polymarket US<\/a>, QCX LLC, alleging\u00a0in\u00a0a Thursday\u00a0press release<\/a>\u00a0that the prediction market platform runs an illegal gambling operation.<\/p>\n

The\u00a0lawsuit<\/a>\u00a0alleges that Polymarket\u2019s prediction markets meet the legal definition of gambling and that the company has failed to obtain a license from the\u00a0New York State Gaming Commission<\/a>, according to the release.<\/p>\n

It seeks a court order stopping Polymarket from operating as an unlicensed gambling business in the state and requiring the company to pay fines and restitution, per the release.<\/p>\n

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New\u00a0York Attorney General\u00a0Letitia James<\/a>\u00a0said in the release: \u201cBy skirting New York\u2019s laws, Polymarket is targeting the most vulnerable and depriving New York families of critical services and support.\u201d<\/p>\n

New York Governor\u00a0Kathy Hochul<\/a>\u00a0said in the release: \u201cBy running an unlicensed gambling operation, Polymarket has done more than just knowingly violate state law, they have put New Yorkers at risk, especially those underage who are most vulnerable to problem gaming.\u201d<\/p>\n

Reached by PYMNTS, Polymarket provided a statement in which the company\u2019s chief legal officer,\u00a0Neal Kumar<\/a>, said the company will fight for its users.<\/p>\n

\u201cWhile the AG\u2019s decision to copy\/paste a recycled lawsuit is disappointing, we\u2019ll fight for our users,\u201d Kumar said. \u201cWe didn\u2019t run to preemptively sue the state \u2014 we chose to engage with them directly on the substance and address their concerns. They preferred the media\u00a0hit. Any time the AG\u2019s office wants to swing\u00a0by,\u00a0our door is open for a conversation about how we protect consumers and offer fair, transparent and legal markets.\u201d<\/p>\n

New York sued\u00a0Coinbase<\/a>\u00a0and\u00a0Gemini Titan<\/a>\u00a0in April, alleging that the companies\u2019\u00a0prediction market<\/a> platforms are illegal, unlicensed gambling operations.<\/p>\n

Days later, the\u00a0Commodity Futures Trading Commission<\/a>(CFTC) announced that it had filed suit against New York in response to what the regulator said was the state\u2019s effort to apply its gambling laws to CFTC-regulated\u00a0contract markets<\/a>. The CFTC said that with its suit, it was seeking a declaratory judgment that federal law allows it exclusive authority to regulate event contracts.<\/p>\n

In August, New York sued\u00a0prediction market<\/a>\u00a0platform\u00a0Kalshi<\/a>, alleging the company is operating an unlicensed gambling operation in violation of state law.<\/p>\n","protected":false},"excerpt":{"rendered":"Polymarket will fight for its users, the company\u2019s chief legal officer said Thursday (Sept. 24), after New York…\n","protected":false},"author":2,"featured_media":356093,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[2850,9,11,10,49,51,50,12,13672,17757,31826,31827],"class_list":["post-356092","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-lawsuits","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-new-york-state","tag-new-york-state-headlines","tag-new-york-state-news","tag-news","tag-polymarket","tag-prediction-markets","tag-pymnts-news","tag-whats-hot"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/356092","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=356092"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/356092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/356093"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=356092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=356092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=356092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}