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Polymarket Slams New York Lawsuit as State Targets Prediction Market Sector

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Polymarket Slams New York Lawsuit as State Targets Prediction Market Sector

Polymarket will fight for its users, the company’s chief legal officer said Thursday (Sept. 24), after New York announced that the state filed a lawsuit against the company.

New York sued the company behind Polymarket US, QCX LLC, alleging in a Thursday press release that the prediction market platform runs an illegal gambling operation.

The lawsuit alleges that Polymarket’s prediction markets meet the legal definition of gambling and that the company has failed to obtain a license from the New York State Gaming Commission, according to the release.

It seeks a court order stopping Polymarket from operating as an unlicensed gambling business in the state and requiring the company to pay fines and restitution, per the release.

New York Attorney General Letitia James said in the release: “By skirting New York’s laws, Polymarket is targeting the most vulnerable and depriving New York families of critical services and support.”

New York Governor Kathy Hochul said in the release: “By running an unlicensed gambling operation, Polymarket has done more than just knowingly violate state law, they have put New Yorkers at risk, especially those underage who are most vulnerable to problem gaming.”

Reached by PYMNTS, Polymarket provided a statement in which the company’s chief legal officer, Neal Kumar, said the company will fight for its users.

“While the AG’s decision to copy/paste a recycled lawsuit is disappointing, we’ll fight for our users,” Kumar said. “We didn’t run to preemptively sue the state — we chose to engage with them directly on the substance and address their concerns.


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