The New York City Council is probing the advertising practices of four major prediction market platforms, creating a new front in the legal battles facing the booming industry.
New York City Council Speaker Julie Menin sent a lengthy list of questions to Polymarket, Kalshi, Coinbase Global Inc. and Gemini Space Station Inc.’s prediction market platform, Titan, as part of a so-called legislative inquiry examining whether current city laws adequately protect residents from false or deceptive marketing from the new platforms.
The council is also looking at creating policies to address products offered to people who might “engage in compulsive wagering on event contracts.”
“The Council is investigating allegations involving Polymarket and, critically, the extent to which similar marketing practices are prevalent within the prediction market industry more broadly, and related social harms to City residents,” the letter to Polymarket said.
“We look forward to engaging with The New York City Council on this matter,” a spokesperson for Polymarket said.
