New York Targets Kalshi, Polymarket and Coinbase in Sweeping Prediction Market Mark

The New York City Council has opened an investigation into Kalshi, Polymarket, Coinbase, and Gemini Titan regarding whether prediction-market operators were advertising their products in New York City public spaces in a false, deceptive, or potentially predatory manner.

The greatest scrutiny is whether the advertising is directed at younger consumers or encourages speculative activity.

At the time, according to Council Speaker Julie Menin, officials were wary of aggressive efforts to promote gambling on outcomes in sports, politics, entertainment, culture and weather.

The Council also asked all four companies to provide details of their New York promotional efforts.  The companies were chosen based on the news reports, publicly available information and their advertising visibility in New York, but the probe could ultimately include other operators.