Letitia James sues Polymarket for alleged state gambling law violations
Business
New York state is taking Polymarket to court, saying the prediction site broke state gambling laws by letting people bet on everything from sports to politics.
Filed by Attorney General Letitia James on September 24, the lawsuit follows a similar move against another platform, Kalshi.
State seeks Polymarket restitution, 3x fines
Attorney General James says these laws are meant to protect people and help fund important public programs.
She claims Polymarket used loopholes that put vulnerable groups at risk and cost the state money.
The lawsuit wants Polymarket to give up its illegal profits, pay restitution, and face fines equal to three times what it made.
Governor Hochul is backing the case too.