New York City Council launches an investigation into the marketing practices of four prediction market platforms—Polymarket, Kalshi, Coinbase, and Gemini—after lawmakers raise concerns about allegedly deceptive or predatory advertising. City Council Speaker Julie Menin sends letters seeking information about how the companies market their services to New York residents.
The outlets describe similar allegations: that some ads may be misleading and that marketing may target young people or minors. Bloomberg and CBS News frame the probe as part of broader legal and regulatory battles affecting the rapidly growing prediction market industry. Other coverage emphasizes that the council is evaluating whether changes in law are needed alongside the fact-finding.
While the reporting agrees on who is being investigated and the focus on marketing tactics, the outlets vary slightly in emphasis. Some highlight “false” or “abusive” marketing, while others use broader terms such as “predatory” or “deceptive” practices. CNBC additionally notes the council is considering legislation in response to the concerns described in the letters.
