New York City Council investigating prediction markets’ marketing practices
Council Speaker Julie Menin said letters to four platforms cite months of alleged deceptive ads and a planned hearing.
- On Wednesday, the New York City Council announced an investigation into marketing practices of four prediction market platforms: Kalshi, Polymarket, Coinbase, and Gemini Titan. Council Speaker Julie Menin sent letters alleging "false, deceptive, unconscionable and objectionable marketing practices."
- This inquiry follows a June Wall Street Journal investigation alleging Polymarket used content creators to simulate trades and create false impressions of profitability. The report found about 70% of promotional videos involved simulated activity rather than actual market trades.
- Council Member Harvey Epstein, chair of the Committee on Consumer and Worker Protection, said the council has "a responsibility to investigate their claims and the advertising tactics these companies are using to ensure they are following the law."
- Regarding the probe, a Polymarket spokesperson stated the company looks "forward to engaging with The New York City Council on this matter," while Coinbase defended its regulatory status, noting it offers customers access to federally regulated prediction markets overseen by the CFTC.
- New York state is separately pursuing litigation against Kalshi, Coinbase, and Gemini, alleging illegal gambling operations. The city council inquiry specifically targets marketing and consumer protection, distinct from state gambling law enforcement efforts.
21 Articles
21 Articles
NYC Council launches probe of Kalshi, Polymarket over ‘deceptive’ marketing practices
The New York City Council is investigating prediction markets Polymarket, Kalshi, Coinbase and Gemini Titan for alleged deceptive marketing and targeting underaged users. The probe into Polymarket, Kalshi, Coinbase and Gemini Titan focuses on alleged deceptive marketing practices and the targeting of minors and is the latest battle in mounting legal and regulatory fights prediction...
NYC Council Announces Probe into ‘Predatory Marketing Practices’ on Prediction Markets
The New York City Council sent letters to Kalshi, Polymarket, Coinbase and Gemini Titan as part of an investigation into marketing practices for the platforms’ prediction markets.
NYC Council launching investigation, considers laws it can pass regulating how prediction markets Polymarket, Kalshi and others advertise in city
While the New York City Council cannot pass laws preventing prediction markets like Polymarket and Kalshi from operating in the city, the legislative body
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
