Polymarket sues Massachusetts over prediction market regulation

Decentralized prediction market Polymarket has filed a lawsuit against the state of Massachusetts amid a growing movement by U.S. states to classify such platforms as gambling, The Block reported. Polymarket Chief Legal Officer Neil Kumar stated that the authority to regulate event-based contracts rests with the Commodity Futures Trading Commission (CFTC) under federal law and that state governments cannot interfere. The lawsuit follows a ruling last month by a Massachusetts court, which deemed prediction market platform Kalshi's sports event contracts to be unlicensed gambling and prohibited the service from operating without a state license.