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      New York Files Lawsuit Against Prediction Market Polymarket for Operating Without License

      New York has initiated legal action against the prediction market platform Polymarket, asserting that it operates as an unlicensed gambling entity. The lawsuit, filed in state court, seeks to prevent Polymarket from continuing its operations within New York and calls for penalties against the company.

      State officials argue that Polymarket has failed to obtain the necessary gaming license required to operate legally in New York. The lawsuit also demands that the company be subjected to fines and restitution payments to its users.

      Polymarket and similar prediction market platforms contend that they are regulated at the federal level by the U.S. Commodity Futures Trading Commission, which they claim limits state authority over their operations. This legal dispute highlights ongoing tensions between state and federal regulatory frameworks in the gambling and prediction market sectors.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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