New York S08889 requires a license from the Department of Financial Services to operate a prediction market in New York.

New York S08889 amends the financial services law to introduce licensing requirements for prediction markets. A prediction market is defined as any platform that allows participants to place wagers, trades, or financial positions on future events, with payouts tied to the outcomes. The Department of Financial Services will oversee the licensing process, including background checks and financial audits. Licensed operators must comply with antifraud, recordkeeping, and reporting requirements, and cooperate with investigations.

New York S08889 requires a license from the Department of Financial Services to operate a prediction market in New York.

New York S08889 amends the financial services law to introduce licensing requirements for prediction markets. A prediction market is defined as any platform that allows participants to place wagers, trades, or financial positions on future events, with payouts tied to the outcomes. The Department of Financial Services will oversee the licensing process, including background checks and financial audits. Licensed operators must comply with antifraud, recordkeeping, and reporting requirements, and cooperate with investigations.