Gov. Hochul, AG James launch lawsuit accusing Polymarket of ‘illegal gambling operation’
Polymarket is a cryptocurrency-based company that allows users to bet on sports, weather, politics and other subjects.
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Gov. Kathy Hochul and New York Attorney General Letitia James have filed a lawsuit accusing Polymarket of operating an illegal gambling business in New York through its prediction market platform.
Polymarket is a cryptocurrency-based company that allows users to bet on sports, weather, politics and other subjects.
The Office of the Attorney General said an investigation found that Polymarket exposes New Yorkers, including people under 21, to serious personal and financial risks.
The lawsuit claims the company failed to obtain a license from the New York State Gaming Commission and bypassed taxes typically required of licensed casinos and mobile sports betting platforms.
The suit seeks a court order stopping the platform from operating as an unlicensed gambling business, requiring the company to pay fines and provide restitution to users.
“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. Nobody is above the law in our state, and working with Attorney General James, we are fighting to protect New Yorkers and put this illegal operation to an end,” Hochul said in a release.
