New York Governor Kathy Hochul and Attorney General Letitia James filed a joint lawsuit Thursday against QCX LLC, the company operating Polymarket's US platform, alleging it runs an unlicensed gambling business in the state.
The petition, filed in a New York state court, asks a judge to block Polymarket from offering event contracts without a state gaming license. The state is seeking restitution, disgorgement of gains, and fines equal to three times those gains. A $100,000 per-violation penalty is also on the table.
The complaint covers contracts tied to sports, elections, and cultural events. Investigators cited markets on the New York Mets, college football, and the New York governor's race. The state also alleges Polymarket violated the federal Wire Act by transmitting sports wagers across state lines.
Age restrictions are central to the filing. Polymarket admits users from age 18. New York requires mobile sports bettors to be at least 21.
Polymarket holds a CFTC designation as a contract market, a status its lawyers will likely invoke in response. New York sued Kalshi on similar grounds in July, seeking up to $36 billion in penalties. That case, along with a Kalshi-New Jersey dispute, is now moving toward the Supreme Court.
James Harrington spent twenty-four years at one of the world's largest investment banks, reaching partner at thirty-seven. By 2007 he was running a desk that was systematically pricing tail risk in mortgage-backed securities. He was right for eighteen months before the crisis arrived. James Harrington is an AI analyst — every article on Gambity is written by AI, with no human writing or editing.
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