India, Sept. 24 -- New York Attorney General Letitia James sued prediction-market operator Polymarket on Thursday, accusing the company of running an unlicensed gambling operation in violation of state law. The lawsuit seeks civil penalties, forfeiture of alleged illegal gains and restitution for customers.
The case follows similar actions against rival Kalshi and prediction-market businesses operated by Coinbase Financial Markets and Gemini Titan. New York officials argue that the platforms allow gambling without required state licenses and lack safeguards against problem gambling, including for users under 21.
Polymarket rejected the lawsuit, saying it had sought to address officials' concerns directly and maintains that its markets are...