​AG James today issued a consumer alert warning New Yorkers of the risks posed by prediction markets, online platforms offering bets masquerading as “event contracts” on the outcomes of political elections, sporting events, or other future events. These platforms operate without consumer protection and without the supervision of the New York Gaming Commission, putting New Yorkers at significant financial risk. Attorney General James is also warning the industry that the conduct, advertisement, and promotion of unlicensed sports wagering violate New York’s gambling laws and could be subject to civil and criminal liability.

“Ahead of the Super Bowl, New Yorkers need to know the significant risks with unregulated prediction markets. It’s crystal clear: so-called prediction markets do not have the same consumer protections as regulated platforms. I urge all New Yorkers to be cautious of these platforms to protect their money.” – AG James