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The New York City Council said Wednesday that it is investigating Polymarket, Kalshi, Coinbase and Gemini Titan over advertising tied to their prediction market platforms.
According to Law360, the council said the probe is focused on potentially false, deceptive or abusive advertising tactics. It also said it is concerned that some of the marketing may be directed toward young people.
What the investigation covers
The reported investigation centers on advertising practices rather than the operation of the platforms themselves. Based on the source report, the New York City Council identified Polymarket and Kalshi alongside Coinbase and Gemini Titan as subjects of the inquiry.
The council has not, based on the available report, publicly detailed which specific ads or campaigns are under review. It also has not outlined what evidence prompted the investigation.
Why this matters for prediction market users
For players and market users, the development is another sign that prediction markets remain under close scrutiny from policymakers, especially when marketing and consumer-protection issues are involved.
While this is a New York City matter, it is still notable for U.S. prediction market watchers because the concerns described in the report go beyond product design and focus on how these platforms are promoted. Advertising practices, particularly any alleged outreach to minors, can become a broader compliance issue for operators in gambling-adjacent markets.
What to watch next
The key unanswered questions are whether other agencies become involved, what responses the companies provide, and whether the council identifies specific advertisements in future updates. As of the source report, no further procedural steps or company statements were detailed.
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Source: As reported by Sarah Jarvis.
