Is Gemini Predictions legal in New York?

Attorney General Letitia James filed a verified petition (original) against Gemini Titan, LLC on April 21, 2026 in New York County Supreme Court, Index No. 451603/2026, as a special proceeding under Executive Law § 63(12) (¶¶1, 16). Gemini Titan runs Gemini Predictions; the petition calls it a wholly owned subsidiary of Gemini Space Station Inc. and places both companies' headquarters in New York City (¶15).

The petition's core claim is short: "Each contract is a bet" (¶47). It says Gemini Titan "has never been licensed with the New York State Gaming Commission in any capacity" (¶10), and lists seven violations: Article I, § 9 of the state constitution; Penal Law §§ 225.05, 225.10 and 225.20; three sections of the Racing Law on unlicensed sports and mobile wagering; and the federal Wire Act (¶12). The attorney general's release announced this case together with a separate petition against Coinbase Financial Markets.

The petition dates the product to December 2025: Gemini Titan announced its prediction markets on December 10 and said on December 15 that Gemini Predictions was "now live across all 50 US states" (¶¶30, 32). Its examples of contracts include whether the Mets would win by more than 1.5 runs, the February 8 Super Bowl, Knicks games against the Suns and the Pacers, Survivor Season 50 and a Texas Senate primary (¶¶7, 41-42, 68-70).

Much of it is about marketing. The petition describes a TikTok offer of "$10 to you" for every $10 put in (¶36), up to $250 for hitting trading benchmarks (¶35), a "$250 in BTC" Super Bowl giveaway (¶38), a 150-foot billboard near Park Avenue and 22nd Street during the March NCAA tournament (¶40), and a representative offering an attendee $100 at a competitor's Manhattan event to download the app and leave (¶39). It quotes a Super Bowl post by Tyler Winklevoss, chief executive of the parent company, about his own prediction on the app (¶34).

Two allegations go to who can trade. New York bars wagering on any game a New York college team plays, and the petition says Gemini Titan offered contracts on Buffalo against Akron and St. John's against UConn (¶¶28, 53). It also says accounts open from age 18, where New York's sports wagering age is 21 (¶¶27, 59). It describes a New York account buying seven "Yes" contracts on the women's Australian Open that cost $0.89 with fees and paid nothing (¶67).

The case started in state court but is now in the Southern District of New York as No. 26 Civ. 3318. A federal order dated August 10, 2026 (ECF 28) carries that number and lists Gemini Titan as defendant (p.1). In it Judge Lorna Schofield moved the initial pretrial conference in four cases captioned together, this one included, from August 18 to August 31, 2026 (p.2).

We have not read Gemini Titan's notice of removal, so this page does not give the date or the grounds on which the case moved. We could not read the docket after that order either. We found no restraining order, no injunction and no ruling on the merits.

Nothing we found in the petition or the federal order restricts withdrawals, deposits or open positions. The petition does reach customer money in two requests: an accounting of all bets placed and money customers lost, and restitution (¶13). The attorney general's release says the restitution would go to consumers who were harmed. A court has to grant either one first, and as of this check we found no order that does.

The CFTC designated Gemini Titan a contract market on December 10, 2025, finding its application showed it could comply with the Commodity Exchange Act (pp.1-2). On April 24, 2026, three days after the petition, the CFTC sued the State of New York in the same federal court. Its release says the suit seeks a declaration that federal law gives the CFTC "exclusive authority to regulate event contracts" and a permanent injunction against New York enforcing what it calls preempted state laws against its registrants. The release does not name Gemini.

That suit is No. 26 Civ. 3404. The August 10 order set a hearing on the plaintiffs' motion for a preliminary injunction for September 14, 2026 (p.2). We have not read what happened at it. New York's position is the petition's: these contracts are bets that need a state license.

On August 12, 2026 the New York City Council announced an inquiry into the marketing of prediction markets and sent letters to four platforms, Gemini Titan among them. A council inquiry asks for information; it is not a lawsuit and orders nothing. We found no New York Gaming Commission letter or order naming Gemini Titan.

The attorney general has filed separate cases against Coinbase, Kalshi and Polymarket US. Every other state's Gemini status is on the Gemini legal page.

A state court's view of gambling licensing is not a ruling on federal income tax, and the IRS has issued no guidance on event contracts. How people report them is covered in the Prediction Market Tax Center.