The New York City Council has opened a probe into four prediction market platforms over alleged "false, deceptive, or abusive marketing tactics" targeting younger people.
The council sent letters to Kalshi, Polymarket, Coinbase, and Gemini Titan, according to a statement on Wednesday.
"For months, the Council has been looking into issues related to allegations of predatory marketing practices associated with the prediction market industry, which has grown rapidly in New York City," the council said in the statement.
"Some of these practices raise serious concerns." State officials across the country have increasingly raised concerns about prediction markets, an industry now valued at billions of dollars.
Much of the concern has centered on platforms offering sports-related contracts, which states argue can amount to gambling and violate their gaming laws.
