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NY AG Warns Prediction Markets May Breach Gambling Laws

2/20/2026

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Summary

Story summary

New York Attorney General Letitia James warned that prediction markets may violate state gambling laws and lack consumer protections.
Polymarket and Kalshi argue they operate under federal oversight from the Commodity Futures Trading Commission (CFTC).
Caesars Entertainment Chief Executive Officer Tom Reeg said the company will not enter prediction markets due to regulatory uncertainties.

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Story summary

New York Attorney General Letitia James warned that prediction markets may violate state gambling laws and lack consumer protections.
Polymarket and Kalshi argue they operate under federal oversight from the Commodity Futures Trading Commission (CFTC).
Caesars Entertainment Chief Executive Officer Tom Reeg said the company will not enter prediction markets due to regulatory uncertainties.