New York sues Polymarket, says it ran illegal gambling operation

New York filed a lawsuit against Polymarket on Thursday, alleging that the company operated an illegal gambling operation. The legal action claims that Polymarket bypassed industry regulations to facilitate its activities. This lawsuit represents the most recent challenge directed at prediction markets, as authorities seek to address the legality of the platform's operations within the state. The case focuses on the company's failure to adhere to established gambling laws and regulatory frameworks governing such financial activities.