Menin announces investigation into prediction market platforms targeting minors

From City Hall to Albany, New York continues to stand by our immigrant neighbors, and we are always a resource for all people in need.

Another avenue we're pursuing to protect our New Yorkers revolves around predatory marketing practices.

So I was really proud yesterday to announce that the City Council is beginning an investigation into four different platforms.

Kalshi, Polymarket, Coinbase.

and Gemini, and we notified them of the investigation.

We are conducting a legislative inquiry.

What we're really looking at is we're looking at the practices that we believe are targeting minors, that are luring minors into this online betting.

And so we asked, we sent a long letter.

If anyone is interested in receiving a copy, please talk to Jack.

But we really believe that the next generation of New Yorkers is increasingly being targeted by prediction market industries, aggressive and what we believe potentially deceptive advertising practices.

So our goal in this investigation is to determine whether additional laws, funding, or programs, or all of the above are needed to protect them if the allegations indeed prove to be true.

And I say this as both a mother and as a former commissioner of the Department of Consumer Affairs.

We take these consumer protection issues incredibly seriously.