New York City Council probes Polymarket, Kalshi over marketing practices

The New York City Council has opened an investigation into the marketing practices of four prediction market platforms, including Polymarket, Kalshi, Coinbase and Gemini Titan, over allegations that event-contract firms may use deceptive advertising to attract consumers. Summary New York City Council is investigating the marketing practices of Polymarket, Kalshi, Coinbase and Gemini Titan over allegations of deceptive advertising. Council Speaker Julie Menin said the inquiry will examine how prediction markets promote contracts tied to sports, politics, culture and other events. The probe follows allegations that Polymarket used content creators in promotions that made simulated trades appear to involve real money. The council plans to hold a hearing and consider whether new consumer protection rules or policy changes are needed. The inquiry is separate from New York state litigation accusing Kalshi, Coinbase and Gemini of operating illegal gambling businesses. The office of New York City Council Speaker Julie Menin said Wednesday that the council has been examining allegations of “false, deceptive, unconscionable, and objectionable marketing practices” in the prediction market sec...