New York Says Prediction Markets Are Predatory. It Is Investigating Them.

New York City announced that it is investigating prediction market betting websites, alleging that the companies use predatory marketing tactics to target young people. New York City Council Speaker Julie Menin said that she had informed four companies - Kalshi, Polymarket, Coinbase, and Gemini Titan - of the investigation. "Prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather, and pretty much anything. CNBC reported that states are seeking guidance as to whether the prediction markets amount to gambling as defined by the laws. The Prediction Markets Are Gambling Act is a bipartisan bill meant to distinguish prediction markets from more traditional commodity markets.