New York City Council announces probe into prediction market platforms’ marketing strategies

A Kalshi billboard displaying New York City mayoral election odds in Times Square in New York, US, on Tuesday, Nov. 4, 2025. Adam Gray | Bloomberg | Getty ImagesThe New York City Council is investigating marketing practices by prediction market platforms, the office of Council Speaker Julie Menin said on Wednesday. In letters to four prediction market platforms — Polymarket, Kalshi, Coinbase and Gemini Titan — Menin wrote that the council has been examining allegations of "false, deceptive, unconscionable, and objectionable marketing practices" by event contract exchanges for months. "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."Menin the letters referenced an investigation by The Wall Street Journal that claimed that Polymarket conducted misleading marketing campaigns. The Journal said in a June article that Polymarket made it appear as though content creators it partnered with were winning on the platform when, in f...