Overview
- The lawsuit, filed Thursday, accuses Polymarket of operating an unlicensed gambling business and asks a judge to block its service in New York while seeking fines and user refunds.
- New York Attorney General Letitia James says Polymarket’s event contracts are 'quintessentially gambling' under state law and that the company failed to obtain a state gaming license.
- The complaint cites age-control failures, alleging Polymarket allowed users aged 18 to 20 to trade despite New York’s 21-year minimum for mobile wagering.
- Polymarket disputed the filing, saying it tried to negotiate with state officials and that it will fight the suit while noting the platform relaunched in the U.S. after CFTC approval.
- The case deepens a wider legal clash over whether states or the Commodity Futures Trading Commission regulate prediction markets and could help push the dispute toward appeals or Supreme Court review.