{"id":51866,"date":"2026-09-26T11:45:19","date_gmt":"2026-09-26T11:45:19","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=51866"},"modified":"2026-09-26T11:45:19","modified_gmt":"2026-09-26T11:45:19","slug":"new-york-sues-polymarket-for-allegedly-running-illegal-gambling-operation","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=51866","title":{"rendered":"New York Sues Polymarket for Allegedly Running Illegal Gambling Operation"},"content":{"rendered":"

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A prediction market valued at more than $20 billion is facing a New York lawsuit for allegedly running an unlicensed gambling platform that takes bets from users as young as 18.<\/p>\n

Attorney General Letitia James and Governor Kathy Hochul filed the case against QCX LLC, doing business as Polymarket US, according to the<\/a> New York Attorney General\u2019s Office.<\/p>\n

The company launched its US platform in December 2025 and offers wagers on sports and other events without a New York State Gaming Commission license.<\/p>\n

The lawsuit alleges that Polymarket\u2019s prediction markets qualify as gambling under New York law because users are wagering on uncertain outcomes that are beyond their control or depend on chance.<\/p>\n

The lawsuit also alleges Polymarket has not obtained a license from the New York State Gaming Commission, allowing the platform to avoid the taxes and regulatory obligations imposed on licensed casinos and mobile sports betting operators. Gambling-related tax revenue helps fund public schools, youth sports programs and problem gambling prevention and treatment.<\/p>\n

The lawsuit also alleges that Polymarket allows users between 18 and 20 years old to participate in its prediction markets, even though New York law sets the minimum age for mobile sports betting at 21.<\/p>\n

\u201cAn investigation by the Office of the Attorney General (OAG) found that Polymarket\u2019s prediction market is an illegal, unlicensed gambling operation that exposes New Yorkers \u2013 including those under the legal gambling age of 21 \u2013 to serious personal and financial risk.\u201d<\/em><\/p>\n

The suit seeks a permanent halt in the state, restitution to users, disgorgement of gains, and fines equal to three times the gains the company made through its illegal actions.<\/p>\n

Attorney General James said the company is targeting the most vulnerable.<\/p>\n

\u201cOur gambling laws exist to protect New Yorkers, prevent the potential harms of problem gambling, and ensure funding for educational and public benefit programs. By skirting New York\u2019s laws, Polymarket is targeting the most vulnerable and depriving New York families of critical services and support.\u201d<\/em><\/p>\n

Governor Kathy Hochul said Polymarket put New Yorkers at risk, especially underage users most vulnerable to problem gambling.<\/p>\n

The Daily Hodl previously covered New York\u2019s similar lawsuit against Kalshi, available here<\/a>.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n

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The post New York Sues Polymarket for Allegedly Running Illegal Gambling Operation<\/a> appeared first on The Daily Hodl<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

A prediction market valued at more than $20 billion is facing a New York lawsuit for allegedly running an unlicensed gambling platform that takes bets from users as young as 18. Attorney General Letitia James and Governor Kathy Hochul filed the case against QCX LLC, doing business as Polymarket US, according to the New York […]<\/p>\n","protected":false},"author":1,"featured_media":51867,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-51866","post","type-post","status-publish","format-standard","has-post-thumbnail"],"yoast_head":"\nNew York Sues Polymarket for Allegedly Running Illegal Gambling Operation - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=51866\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Sues Polymarket for Allegedly Running Illegal Gambling Operation - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"A prediction market valued at more than $20 billion is facing a New York lawsuit for allegedly running an unlicensed gambling platform that takes bets from users as young as 18. 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