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New York sues Polymarket over alleged illegal gambling

Original: New York sues Polymarket, alleging 'illegal gambling' Consumer adoption of online betting platforms was up 40% in July a

New York has filed a lawsuit against prediction market platform Polymarket, alleging it operates as illegal gambling. The legal action comes as online betting adoption surges: Bank of America consumer data shows platform usage rose 40% in July, with first-time use tripling since the start of the year. Regulators are increasingly scrutinising fast-growing betting and prediction platforms as mainstream consumer adoption accelerates.

Why now: A US state regulator is taking legal action against one of the fastest-growing prediction market platforms amid surging consumer betting activity.

PolymarketNew YorkBank of America

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Evidence

• New York sues Polymarket, alleging 'illegal gambling' Consumer adoption of online betting platforms was up 40% in July and first-time use was up 3x compared to the start of the year, according to BofA consumer data. https://www. americanbanker.com/news/new-yo… · AlexJimenez@mas.to · 1

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