New York Sues Polymarket, Company Countersues

New York Sues Polymarket, Company Countersues Hours Later

Is New York right to try to shut down prediction markets or is this an unfair political attack?

Published 3 days ago

New York Sues Polymarket, Company Countersues

story

Above: Stock image of the Polymarket logo on a smartphone. Image credit: Thomas Fuller/SOPA Images/LightRocket/Getty Images

The Spin

Taking bets is taking bets, and slapping a fancy "prediction market" label on it doesn't rewrite New York law. Platforms cashing in on wagers while skipping licensing are preying on vulnerable people and starving families of the services those licenses fund. States hold the authority to shut this down, and enforcing that authority is exactly right.

Kathy Hochul on X

Letitia James on X

Joel Griffith on X

Event contracts are federally regulated financial derivatives, and a state attorney general with a long anti-crypto streak doesn't get to override that with a recycled lawsuit. Demanding forfeited profits, refunded losses and triple fines isn'tis consumer protection, it's an attempt to bankrupt a legal business for political gain.

PYMNTS

Quant Chad on X