A billboard for the prediction market Kalshi in New York displays members of Argentina's national soccer team after Spain defeated Argentina in the World Cup final game. Photo by Olga Fedorova/EPA
Aug. 12 (UPI) -- The New York City Council announced Wednesday that it is investigating the advertising practices of prediction market platforms in the city.
Council Speaker Julie Menin sent letters to four prediction market companies: Kalshi, Polymarket, Coinbase and Gemini Titan saying the council will investigate allegations of "false, deceptive, unconscionable and objectionable marketing practices."
"Prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather and pretty much anything," Menin said in a statement. "I intend to harness the full power of the Council to protect New Yorkers from deceptive and predatory marketing practices by prediction market platforms."
The Wall Street Journal published an investigation in June that showed that Polymarket used social media influencers to make it look like they were making a lot of money by betting on the platform. But they weren't actually betting with their own money.
