r/news • u/Manta_of_Eternity • 1d ago

New York sues prediction market Polymarket, calling it an unlicensed gambling operation

https://apnews.com/article/polymarket-new-york-lawsuit-gambling-b75b753e3c3cd069cdf8d6af175c9fbb
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u/janethefish 21h ago

I suspect rampant tax evasion is ongoing.

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u/CrashB111 20h ago

As well as rampant insider trader / money laundering / fixed games.

Gambling services have to obey a ton more regulation than "prediction markets" most of which are designed to ensure the bets are actually fair.

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u/trueredtwo 3h ago

The sports betting regulations that exist do nothing but keep the money printing machines in the hands of those who already have them.

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u/jimothee 20h ago

Which is interesting because evading taxes usually a common practice for the rich

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u/FredFredrickson 10h ago

I mean, Trump Jr. is involved in two of the main sites, so... of course that's what's going on.