New York Sues Polymarket as Prediction Market Regulatory War Heats Up
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- Jaksa Agung New York menuntut Polymarket karena dianggap menjalankan perjudian ilegal tanpa lisensi dari Komisi Permainan New York.
- Tuntutan menuntut denda tiga kali lipat keuntungan Polymarket dan USD100.000 per pelanggaran, sementara platform bersikeras beroperasi di bawah pengawasan CFTC.
- Perseteruan antara negara bagian dan regulator federal ini dapat menentukan masa depan pasar prediksi di Amerika Serikat dan berdampak pada industri serupa di Indonesia.
New York officially sued Polymarket U.S. on Thursday (24/9/2026), accusing the prediction market platform of running an unlicensed gambling business and violating state law. The move marks a new chapter in the regulatory conflict between local authorities and prediction market providers that have so far sheltered under the umbrella of federal regulators.
In the lawsuit filed by New York Attorney General Letitia James, Polymarket is accused of lacking a license from the New York State Gaming Commission and of allowing users over the age of 18 to transact. The lawsuit cites a report from the state Office of Addiction Services and Supports that says the 18–24 age group is at high risk of gambling addiction. "By evading New York law, Polymarket targets the most vulnerable and strips critical services and support from New York families," James said in her statement.
Governor Kathy Hochul added that the unlicensed operation not only breaks the law but also endangers residents, especially minors. "By running unlicensed gambling operations, Polymarket is not just violating state law, they are putting New Yorkers at risk, particularly those who are underage and most vulnerable to gambling problems," Hochul said.
The lawsuit asks the court to order Polymarket to disclose all transactions, user losses, and revenue earned from activity in New York. The significant fines sought reflect the state's effort to create a deterrent effect, while also asserting that it will not stand idle against platforms seen as gaming local regulations.
Polymarket U.S. itself insists that it operates under CFTC regulation, the federal body that oversees prediction markets. The company also runs an offshore platform founded in 2020. The CFTC has not yet issued an official comment on this latest lawsuit. Previously, the CFTC has sued several states that sought to regulate prediction markets, arguing it has sole jurisdiction over such financial instruments.
"Polymarket was founded in a small apartment in New York City and now has more than 350 employees here, reflecting why people and businesses come here to grow. We believe in New York and we are staying here. While the Attorney General's decision to copy-paste this recycled lawsuit is disappointing, we will fight for our users," said Neal Kumar, Chief Legal Officer of Polymarket.
The standoff between states and the federal regulator is not merely about jurisdiction. It concerns the future of the fast-growing prediction market industry, especially ahead of major events such as elections and sporting events. For platforms like Polymarket and Kalshi, legal certainty is crucial to business continuity and investor confidence. For states, the main concern is consumer protection, particularly from the dangers of gambling addiction that can be worsened by easy access through mobile apps.
In Indonesia, this development is worth watching. Although prediction markets have not yet become a mainstream phenomenon, several similar platforms are starting to emerge and offer event-based betting. Domestic regulators, such as the Financial Services Authority (OJK) and the Ministry of Communication and Information Technology, need to anticipate the same potential risks: regulatory gaps, consumer protection, and the potential for disguised gambling activity. New York's move could serve as a precedent for how local authorities can act firmly against platforms operating in a gray area.
Going forward, this case will test the limits of CFTC authority versus that of states. If New York wins, a wave of similar lawsuits from other states is likely to follow, forcing prediction market platforms to adjust their business models or face large fines. Conversely, if Polymarket successfully defends itself, it will strengthen the argument that federal regulation is the only legitimate legal umbrella. Either way, the big question remains: will prediction markets remain an innovative financial instrument, or will they be dragged into the realm of tightly regulated gambling?
