New York has filed a lawsuit against Polymarket, a prediction market platform, accusing it of operating as an illegal gambling scheme. The state argues that the platform facilitates wagers on events like elections and sports, which it claims violates gambling laws despite framing itself as a forecasting tool. Authorities contend that Polymarket’s structure—allowing users to buy and sell shares tied to real-world outcomes—crosses the line into prohibited betting activity. The legal action raises questions about the regulatory boundaries of decentralized financial markets and predictive trading.
New York sues Polymarket, alleging illegal gambling operation ms.now
