Platforms & regulators

New York state sues prediction market Polymarket

New York accused prediction-market platform Polymarket of running an illegal gambling operation and wants to block it from operating without a license and recover its gains.

The lawsuit mirrors a similar case filed against rival platform Kalshi in July on the same grounds.

For beginners Prediction markets let users bet on the outcome of real-world events; regulators are still debating whether to treat them as financial markets or as gambling, and that decision determines what rules and licenses apply to them.