NYC Council Probes 4 Prediction Markets Over “Predatory Marketing” Claims

New York City Council has opened an investigation Wednesday into how Kalshi, Polymarket, Coinbase and Gemini Titan advertise prediction contracts to city residents.

Speaker Julie Menin announced that she sent letters to the four platforms. They have 14 days to disclose their New York user numbers, marketing methods, and how much they make in the city, among other things.

Why the NYC Council Targeted Prediction Markets

Prediction markets let users buy contracts that pay out based on real-world outcomes. Events across sports, elections, weather, and pop culture now trade as tradable instruments.

However, the sector has drawn repeated regulatory attention, and this action is the latest example. New York's inquiry centers on how the platforms market and advertise in the city. It targets marketing that may be false, deceptive, or abusive, with specific concern for ads aimed at young people.

The notice also highlighted that marketing restrictions and consumer protections that bind casinos and licensed sportsbooks in New York do not reach these platforms. Menin said the Council would use its full power against predatory marketing.

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