New York State filed suit against Polymarket U.S. on Thursday, nearly two months after the state sued the platform's competitor, Kalshi.
"By skirting New York's laws, Polymarket is targeting the most vulnerable and depriving New York families of critical services and support," state Attorney General Letitia James said in a statement.
The lawsuit claims Polymarket operates an illegal gambling platform and is in violation of state gambling laws, including having no license with the New York State Gaming Commission. It further claims Polymarket allows activity by users over 18 and cites a report from the state's Office of Addiction Services and Supports stating that those between 18 and 24 are at "high-risk" of gambling addictions.
"By running an unlicensed gambling operation, 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," Governor Kathy Hochul said in a statement.
What the Lawsuit Seeks
- Penalties including three times the amount of any Polymarket gains
- A payment of $100,000 for each attempt or offer of "sports wagering or mobile sports wagering" in New York
- An account of all trades placed on the platform, money lost by users, and amounts earned by Polymarket U.S.
