New York City Council investigates prediction market advertising
Council Speaker Julie Menin has requested information on compliance with New York City consumer protection laws.
US.- The New York City Council has launched an investigation into Polymarket, Kalshi, Coinbase and Gemini Titan over their advertising practices and potential targeting of minors. Council Speaker Julie Menin has requested information on their compliance with New York City consumer protection laws.
Menin sent letters to the four companies on August 11, asking about their marketing practices and the measures in place to protect residents from deceptive advertising. She gave the companies 14 days to respond.
Menin’s letters contain more than 60 questions covering the companies’ operations and marketing activities in New York. The Council is seeking information from January 1, 2025, including the number of New York users, customer ages and demographics, and the amount residents have won or lost on the platforms.
The inquiry also asks how the companies market their services to New Yorkers, including how much they pay influencers and how effective those campaigns are at attracting younger users.
Although the Council cannot bring criminal charges against the companies, it can issue subpoenas and demand documents. Menin said lawmakers are considering legislation, stronger enforcement, public education, health measures and potential changes to public funding related to prediction markets.
