New York sues Polymarket, seeking court order to shut down betting platform

New York State filed a lawsuit against Polymarket today, alleging the prediction market operates as an illegal gambling operation. Governor Kathy Hochul announced the legal action in a press release, stating that the company knowingly violates state law by running an unlicensed gambling operation. The New York administration claims this conduct puts residents at risk, particularly minors who are vulnerable to problem gambling. The state also accused Polymarket of evading tax obligations that apply to licensed casinos and mobile sports gambling platforms. New York argued that tax revenue from regulated gambling funds public schools, sports programs for underserved youth, and problem gambling education and treatment. The lawsuit seeks a court order to shut down the platform.