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After Coinbase, Gemini and Kalshi, New York Takes Its Prediction Market Fight to Polymarket

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After Coinbase, Gemini and Kalshi, New York Takes Its Prediction Market Fight to Polymarket

When it comes to prediction markets, New York Attorney General Letitia James has taken a consistent position and stuck to it. Coinbase and Gemini came first, followed by Kalshi. Now, New York has added Polymarket to its legal campaign against prediction-market platforms.

The state is seeking to stop QCX LLC, the operator of Polymarket US, from offering contracts on sports, elections, culture and other events without the licences required by the New York State Gaming Commission.

No court ruling has been issued, and the requested restrictions are not yet in force.

Polymarket US opened to selected users in December 2025 and became available to all US iPhone users in May.

The 33-page petition filed by the New York Attorney General alleges that the platform has offered state residents contracts covering professional and college sports, political elections and entertainment.

Investigators used New York accounts to purchase contracts tied to a Mets game and the elimination of a contestant from Big Brother. They also identified a market on the winner of the New York gubernatorial election.

The filing says another account placed more than five bets totalling over $5,000 in one day. New York cites this activity in support of separate alleged violations of state penal law covering the operation of a gambling business and the possession of gambling records.

If the court accepts New York’s argument that Polymarket operates as a gambling platform, the company could face additional violations.

It allows customers aged 18 to open accounts and offers contracts involving New York college teams, while licensed sportsbooks may accept sports wagers only from customers aged 21 or older and cannot offer bets on those teams.


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