"I'm warning New Yorkers about the risks of the prediction market industry. This industry doesn't have the same consumer protections as regulated platforms."
"fully supports and applauds Governor Hochul's commitment to protect New Yorkers, including safeguards to prevent underage individuals from gambling and employing innovative tech to identify and help those who may be experiencing gambling harms."
"These actions will protect young people from the harms of online betting, which include significant financial loss and addictive behavior."
A consumer alert cautioned New Yorkers that sports betting and prediction markets can pose serious financial risks, especially for vulnerable individuals, and do not offer the consumer protections of regulated platforms. The warning highlighted heightened risks around major events such as the Super Bowl. State initiatives include more than 200 measures aimed at protecting residents, preventing underage gambling, and using technology to identify and assist people experiencing gambling harm. The alert stressed that unlicensed sports wagering may violate state law and could expose operators and participants to civil and criminal penalties.
Read at ReadWrite
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