Polymarket Sues New York Officials Over Prediction-Market Gambling Case
The operator seeks to shift the state’s licensing case to federal court and have New York gambling laws declared preempted.
The operator seeks to shift the state’s licensing case to federal court and have New York gambling laws declared preempted.
The state seeks to halt the prediction-market platform’s New York operations and impose penalties over sports and other event contracts.
The Aug. 17 session will cover gambling-harm warning signs, treatment and support as New York’s mobile wagering market faces fresh scrutiny.
The emergency ruling keeps the state action in place for now, as a Utah decision deepened the legal split over prediction markets.
The company says federal law gives the CFTC exclusive authority, while state officials warn the products amount to unlicensed gambling.
The state says the prediction market is illegal gambling. The federal regulator says it alone can police event contracts on licensed exchanges.
The state says the company ran an unlicensed gambling operation and is seeking fines, restitution and the forfeiture of alleged gains.
The filing is the latest move in a dispute over whether the prediction-market firm can offer sports-event contracts in the state.
Judge Torres let New York keep enforcing its gambling laws for now, setting up a wider fight over event contracts.
The decision deepens a fight over prediction markets and sports-event contracts.