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The New York State Gaming Commission filed a petition in state court on Oct. 22 alleging that a prediction markets platform refused to comply with subpoena requests, according to JD Supra.
The petition brings a dispute over the platform’s response to regulatory requests before a New York court. The alleged refusal is the commission’s claim, not a court finding.
New York action joins disputes in Louisiana and Utah
The New York petition is one of several prediction markets legal developments described in JD Supra’s Nov. 3 regulatory update. Other cases involve efforts to enforce state gambling laws and challenges to those efforts.
On Oct. 23, a prediction markets platform filed suit in federal court in Louisiana against state officials, seeking to block threatened enforcement of gambling and sports-wagering laws.
The Commodity Futures Trading Commission announced on Oct. 27 that it had filed suit against Utah to block the state’s efforts to shut down CFTC-registered contract markets using state laws.
Utah filed criminal charges the following day against a prediction markets platform and its co-founders under state gambling laws. Those charges were based on sports event contracts traded by an undercover state agent in September, after an August federal court ruling that federal law does not preempt Utah’s gambling laws.
CFTC and NBA agree to share prediction market information
Separately, the CFTC and NBA signed a memorandum of understanding on Oct. 26 intended to protect professional basketball’s integrity in prediction markets.
The agreement aims to improve information sharing and communication and help maintain fair and transparent markets. CFTC Chairman Michael Selig said it “continues the Commission’s commitment to increasing data sharing between the agency and professional sports leagues.”
Selig said the NBA joins MLB and the NHL in taking steps to protect sports integrity and market participants from prediction market abuses such as insider trading and fraud.
More from playny.com – CFTC moves to separate prediction contracts from sportsbook wagers – Nevada gaming chief says CFTC prediction market push blurs line with sports betting – CFTC proposal could sharpen line between prediction markets and gambling
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Source: As reported by JD Supra.
