The New York City Council is investigating four major prediction market platforms, including Polymarket, focusing on the risks associated with advertising and forced betting.

Odaily Planet Daily reports that the New York City Council is investigating advertising practices by Polymarket, Kalshi, Coinbase, and Titan, a prediction market platform owned by Gemini, bringing new regulatory pressure to the prediction market industry. New York City Council Speaker Julie Menin has sent inquiry letters to the four platforms as part of a legislative investigation to assess whether existing city laws adequately protect residents from false or deceptive marketing. Furthermore, the New York City Council is also studying policies to address issues such as prediction market products potentially inducing users to make "forced bets" on event contracts. In its letter to Polymarket, the City Council stated that the investigation will not only cover allegations against Polymarket but will also assess the prevalence of similar marketing practices throughout the prediction market industry and their potential social harm.