PML News & Analysis

New York Sues Polymarket U.S. Over Illegal Gambling Claims

New York State filed a lawsuit against Polymarket U.S. on October 5, 2023, alleging that the platform operates an illegal gambling site without a license from the New York State Gaming Commission. The lawsuit seeks penalties amounting to three times any gains Polymarket made, in addition to $100,000 for each incident of unauthorized sports wagering. The New York Attorney General claimed the platform targets vulnerable users, particularly those aged 18 to 24, who are at high risk for gambling addiction. This legal action could significantly impact Polymarket's operations and revenue, as it may require them to disclose trading activity and financial losses incurred by its users.