The New York City council has launched an investigation into the marketing practices of companies offering prediction market services to New Yorkers. According to reporting from CoinTelegraph, Council Speaker Julie Menin sent letters to four companies as part of this probe.
The investigation is focused on what the council describes as ‘predatory marketing practices’ on these platforms. The city is seeking to understand the marketing strategies employed by these companies and their potential impact on users.
Prediction markets allow users to bet on the outcome of various events, and they have gained popularity in recent years. This probe highlights the growing scrutiny of these platforms and their operations.