New York defies Trump admin, asks court to shut down Polymarket gambling
Summary
New York has sued Polymarket, claiming it runs an illegal gambling operation through its prediction market platform. The state says Polymarket operates without a license, allows underage users, avoids taxes, and puts people at risk, while the Trump administration supports the regulation of such markets at the federal level.Key Facts
- New York’s lawsuit calls Polymarket an unlicensed gambling business that breaks state laws.
- Polymarket allows users aged 18–20, while New York law requires gamblers to be at least 21.
- The state argues Polymarket avoids paying taxes that licensed casinos and sportsbooks must pay.
- Tax money from gambling supports schools, youth sports, and problem gambling programs in New York.
- Polymarket markets bets as “event contracts” or “swaps,” which states say are just gambling with different names.
- The Commodity Futures Trading Commission (CFTC), part of President Trump’s administration, claims it has exclusive control over these markets and tries to block state laws.
- Polymarket’s main platform has been blocked in the US since 2022 but a limited app runs under a licensed company called QCX.
- New York wants the court to stop Polymarket from operating, fine the company, and return money to users.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
