Polymarket’s Federal Challenge Puts New York Gambling Law to Test

New York Attorney General Letitia James sued Polymarket on Thursday in state court in Manhattan, alleging the prediction market platform ran an unlicensed gambling operation. Hours later, Polymarket filed its own lawsuit in Manhattan federal court, arguing that the CFTC holds exclusive authority to regulate prediction markets and that New York has no power to enforce its gambling laws against the company. James’ complaint accuses Polymarket of operating without a required New York State Gaming C