NYC Council Probes Prediction Market Marketing Practices

The New York City Council has launched an investigation into the marketing practices of four major prediction market platforms, targeting Polymarket, Kalshi, Coinbase, and Gemini's Titan platform. The inquiry, announced by Council Speaker Julie Menin on August 12, 2026, examines whether these companies use deceptive advertising to entice consumers into wagering on events ranging from sports and politics to weather and culture.

Menin stated that prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather, and pretty much anything. She said she intends to harness the full power of the Council to protect New Yorkers from deceptive and predatory marketing practices. The investigation follows months of examining allegations of false, deceptive, unconscionable, and objectionable marketing practices in the sector.

The probe was prompted in part by allegations involving Polymarket's promotional campaigns. Reports from June indicated that Polymarket worked with content creators on promotions that made simulated trades appear to involve real money and actual profits. The council's inquiry seeks to determine whether similar advertising methods...