New York City Council investigates marketing practices of Kalshi, Polymarket, Coinbase, and Gemini Titan

According to The Block, the New York City Council has sent a letter to Kalshi, Polymarket, Coinbase, and Gemini Titan to initiate an investigation into predictive market platforms, with a focus on false, deceptive, or abusive marketing practices targeting young users. The New York City Council will review allegations that Polymarket paid social media creators to shoot fake betting and profit promotion videos outside of the site. Officials from multiple states have expressed concerns about whether sports contracts constitute illegal gambling, and New York Governor Kathy Hochul has signed an executive order prohibiting state government employees from using insider information to place bets in the prediction market.