New York doesn’t want to sue prediction markets—it wants to absorb them
A staffer pretending to be 15 logged onto an online gaming site and began placing bets. For days, nothing stopped him. No warning, no verification, no barrier. Only after he won a $75 gift card did the platform ask his age. For New York State Senator Joseph Addabbo Jr., the episode crystallized what he sees as a dangerous gap in oversight. “It is gambling,” he told ReadWrite. “Whenever an individual has an opportunity of putting up money with the potential of gaining money… that’s gambling.” Great chatting to @SenJoeAddabbo on prediction markets after a new NY bill emerged. Addabbo set to open New York legal review to potentially regulate prediction markets – https://t.co/OY5jWf3bv3 — Suswati Basu (@suswatibasu) November 14, 2025 But the more revealing part of his argument comes after that. The problem, as he sees it, is not simply that prediction markets exist. It is that they are already operating, expanding, adapting, and in many cases, outpacing the state’s ability to control them. “It’s not a question of if it happens… it’s a question …


