New York City Council investigates forecasting platforms Kalshi, Polymarket, Coinbase, and Gemini over marketing and advertising practices, with focus on youth targeting.
Regulation & Gov ·
The New York City Council has opened an investigation into prediction market platforms over allegations of deceptive marketing practices. The probe centers on claims that these platforms have engaged in false, deceptive, or abusive marketing tactics directed at users.
The investigation represents a regulatory escalation targeting a sector that has grown substantially in recent years. Prediction markets allow users to bet on outcomes of events and have attracted significant trading volume and venture capital, but they remain subject to varying degrees of scrutiny across different jurisdictions.
The scope of the council's examination—which specific platforms are under review, what evidence prompted the investigation, and what enforcement mechanisms may follow—remains unclear from available reporting. The timeline and potential outcomes of the probe have not been detailed.