Speaker Menin: Investigation launched into prediction market platforms

Another avenue, on a different note, that we are pursuing to protect New Yorkers revolves around predatory marketing practices.

After months of examining allegations of these practices across prediction market industry,

I sent letters to four platforms, Kalshi, Polymarket, Coinbase, and Gemini, notifying them that the council is beginning an investigation against them.

For any of you that have been on these sites, You can see, and this is what we are alleging, that there are predatory marketing practices that are really focused on minors,

focused on minors and luring them in to the gambling that is occurring on these platforms.

So the next generation of New Yorkers is increasingly targeted by the prediction market industry's aggressive advertising tactics.

Our letter has 60 questions for these four companies, and our goal is to determine whether additional laws, funding, or programs are needed to protect them if the allegations indeed prove to be true.

And I will just say, as a mother, what they're doing is concerning, and as a former commissioner of the Department of Consumer Affairs, this is something that I think is a really important consumer protection issue that we need to take very seriously.

Not only do we have the ability, but I would argue we have an obligation to harness the full weight of the

of this city council to protect minors from practices that appear to be aimed at them.