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New York City Council announces probe into prediction market platforms’ marketing strategies
The New York City Council is investigating marketing practices by prediction market platforms, the office of Council Speaker Julie Menin said on Wednesday.Â
In letters to four prediction market platforms â Polymarket, Kalshi, Coinbase and Gemini Titan â Menin wrote that the council has been examining allegations of "false, deceptive, unconscionable, and objectionable marketing practices" by event contract exchanges for months.Â
"Prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather, and pretty much anything," Menin said in a statement. "I intend to harness the full power of the Council to protect New Yorkers from deceptive and predatory marketing practices by prediction market platforms."
NYC probes prediction markets over advertising practices
The New York City Council said Wednesday that it is investigating four prediction markets over allegations that the companies engage in deceptive marketing.
The probe will examine the advertising practices of Gemini Titan, Kalshi and Polymarket, all of which are based in New York, as well as Texas-based Coinbase.
"Prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather and pretty much anything," New York City Council Speaker Julie Menin said in a statement. "We refuse to let New Yorkers, especially our young people, become collateral damage."
As part of the investigation, Menin has requested information from the platforms about their marketing practices in New York.
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