New York continues to fight prediction markets with a lawsuit against Polymarket

New York Attorney General Letitia James and Governor Kathy Hochul sued Polymarket’s domestic branch, requesting a court order to stop its operations as an unlicensed gambling business. The lawsuit follows similar actions against Kalshi, Coinbase Financial Markets, and Gemini Titan, alleging prediction markets enable illegal gambling and underage betting. Polymarket’s Chief Legal Officer Neal Kumar said the company will defend its users and work with regulators to prove consumer protection and market legality.