{"id":378905,"date":"2026-09-24T09:48:00","date_gmt":"2026-09-24T16:48:00","guid":{"rendered":"https:\/\/cms-articles.softonic.io\/en\/?p=378905"},"modified":"2026-09-24T09:48:03","modified_gmt":"2026-09-24T16:48:03","slug":"polymarket-sued-by-new-york-state-wants-prediction-markets-shut-down","status":"publish","type":"post","link":"https:\/\/cms-articles.softonic.io\/en\/polymarket-sued-by-new-york-state-wants-prediction-markets-shut-down\/","title":{"rendered":"Polymarket sued by New York: state wants prediction markets shut down"},"content":{"rendered":"<p class=\"wp-block-paragraph\">New York has sued Polymarket, the <a href=\"https:\/\/en.softonic.com\/articles\/the-ceo-of-roblox-wants-to-introduce-prediction-markets-within-the-game\" rel=\"noopener\">online prediction market<\/a>. In a lawsuit filed by New York Attorney General Letitia James, the state says Polymarket has been running an <strong>illegal gambling business<\/strong> in New York without the license it would need to do that legally.<\/p>\n\n<p class=\"wp-block-paragraph\">The complaint argues that Polymarket\u2019s event contracts are, in practice, <strong>unlawful bets<\/strong> on uncertain real-world outcomes, not lighter-touch financial products. James is asking the court to shut down Polymarket\u2019s New York operations and also wants fines , forfeiture of what the state says are illegal gains, and restitution for users. The complaint also says Polymarket let in users between 18 and 20 years old, even though comparable legal mobile sports betting in New York is limited to people 21 and older . The state casts that as a consumer-protection issue tied to gambling-related harm.<\/p>\n\n<p class=\"wp-block-paragraph\">If you follow prediction markets, this is part of a much bigger fight over what these platforms actually are. States have been pushing the idea that companies like Polymarket and Kalshi should be treated like sportsbooks, while the other side has argued they belong under the Commodity Futures Trading Commission, or CFTC, as financial markets. Polymarket already settled with the CFTC in <strong>2022<\/strong> over operating an unregistered platform , according to the agency. It later resumed US operations and has also faced reported CFTC scrutiny tied to an attempted fraud involving at least $10 million.<\/p>\n\n<p class=\"wp-block-paragraph\">For now, you can still think of Polymarket as an online prediction market. New York is trying to stop it from operating in the state.<\/p>","protected":false},"excerpt":{"rendered":"<p>New York has sued Polymarket, the online prediction market. In a lawsuit filed by New York Attorney General Letitia James, the state says Polymarket has been running an illegal gambling business in New York without the license it would need to do that legally. The complaint argues that Polymarket\u2019s event contracts are, in practice, unlawful &hellip; <a href=\"https:\/\/cms-articles.softonic.io\/en\/polymarket-sued-by-new-york-state-wants-prediction-markets-shut-down\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Polymarket sued by New York: state wants prediction markets shut down&#8221;<\/span><\/a><\/p>\n","protected":false},"author":9350,"featured_media":378904,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","wpcf-pageviews":0},"categories":[1015],"tags":[],"usertag":[],"vertical":[],"content-category":[],"class_list":["post-378905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts\/378905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/users\/9350"}],"replies":[{"embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/comments?post=378905"}],"version-history":[{"count":1,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts\/378905\/revisions"}],"predecessor-version":[{"id":378906,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts\/378905\/revisions\/378906"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/media\/378904"}],"wp:attachment":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/media?parent=378905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/categories?post=378905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/tags?post=378905"},{"taxonomy":"usertag","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/usertag?post=378905"},{"taxonomy":"vertical","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/vertical?post=378905"},{"taxonomy":"content-category","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/content-category?post=378905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}