New York’s Polymarket Fight Tests Sports Betting Taxes
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New York has moved to sue Polymarket as prediction markets offer sports contracts outside the state’s sportsbook tax framework, raising questions about a gambling-tax base worth more than $1 billion a year. The platforms argue that they operate as federally overseen derivatives exchanges, not under state gambling laws, a dispute that could shape where sports-related wagering is taxed.
The conflict puts a large revenue stream in focus. New York’s legal and tax treatment of prediction-market contr
The conflict puts a large revenue stream in focus. New York’s legal and tax treatment of prediction-market contr
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