00:00It's Benzinga bringing Wall Street to Main Street.
00:03New York State sued Polymarket U.S. on Thursday,
00:06accusing the prediction market platform of operating an illegal gambling business
00:10without a state license, according to CNBC. Attorney General Letitia James said Polymarket
00:16violated state gambling laws and allowed users over 18 to participate. The lawsuit seeks penalties,
00:23including three times the amount of Polymarket's gains and $100,000 for each attempt or offer of
00:28sports wagering or mobile sports wagering in New York. It also seeks an accounting of trades,
00:34user losses, and Polymarket U.S.'s earnings. Polymarket U.S. debuted in December 2025
00:40and is regulated by the Commodity Futures Trading Commission. The CFTC has sued several states
00:46amid an escalating regulatory dispute, asserting its authority to regulate prediction markets.
00:51The agency didn't immediately respond to CNBC's request for comment.
00:56Polymarket said it would fight the lawsuit. For all things money, visit Benzinga.com.
