NYC Council probes prediction market ads by 4 platforms
What's next: Council Speaker Julie Menin plans a hearing as lawmakers weigh whether new city rules are needed.
The New York City Council is investigating the marketing practices of four prediction market platforms: Polymarket, Kalshi, Coinbase and Gemini Titan. In letters sent Wednesday, Council Speaker Julie Menin said the council has been reviewing allegations of false, deceptive and predatory promotion by event contract exchanges for months. The inquiry was prompted in part by a Wall Street Journal report that said Polymarket made some partner creators appear to be winning with funds that were not their own, a matter that drew scrutiny from the Commodity Futures Trading Commission. Menin said the council is examining whether similar tactics were used elsewhere and plans to hold a hearing. The probe does not address whether the platforms violate New York state gambling laws.