NYS sues prediction platforms over gambling allegations
4 hours ago
- #legal action
- #gambling regulation
- #prediction markets
- NY AG Letitia James files lawsuits against Coinbase and Gemini for violating state gambling laws via prediction markets.
- Prediction markets are accused of allowing bets on events like sports, elections, and awards without state licenses.
- Legal actions seek to halt operations in New York, impose fines (three times profits), and provide customer restitution.
- Companies allegedly permit under-21 adults to engage in mobile sports wagering and evade taxes and regulations.
- Coinbase defends its markets as federally regulated exchanges overseen by the CFTC, contesting the state's claims.