While the New York City Council cannot pass laws preventing prediction markets like Polymarket and Kalshi from operating in the city, the legislative body announced Wednesday that it was launching an investigation into how those companies advertise themselves within the five boroughs and how it could regulate their practices.
City Council Speaker Julie Menin said the investigation will examine whether the prediction market platforms that allow people to place monetary wagers on sports games, elections, and other daily events are carrying out “false and deceptive” marketing practices, promoting insider trading or improperly targeting young people to place bets on their sites through undisclosed partnerships with social media influencers.
