Licensing and regulation: Can we get a licence?

This cycle brought one durable statutory change and one aggressive, contested legal theory. Racing, Pari-Mutuel Wagering and Breeding Law Section 912, enacted as Chapter 605 (Senate Bill 5935A) and signed in December 2025, now prohibits the dual-currency online sweepstakes-casino model outright as primary legislation. Separately, the Attorney General's suit against Coinbase Financial Markets and Gemini/Titan asserts that prediction-market and event-contract products meet New York's constitutional and statutory definition of wagering regardless of the platforms' federal CFTC designated-contract-market registration, seeking disgorgement, treble civil fines, customer restitution, an under-21 access ban, and a campus marketing ban. If sustained, that theory would functionally extend NYSGC licensing jurisdiction to a product category that has so far relied on federal registration as a basis for operating unlicensed at the state level. The statutory ban is settled law; the prediction-market theory remains contested and unresolved.