New York City Council has opened an investigation into whether Kalshi, Polymarket, Coinbase and Gemini Titan advertised prediction-market products in New York public spaces in a false, deceptive or potentially predatory way, adding a consumer-protection front to the broader legal fight over event contracts. Speaker Julie Menin said letters sent to the four companies seek details on New York users, marketing methods, city revenue and local promotional efforts as the Council examines whether ads encouraged speculative activity or targeted younger consumers; the companies were selected based on news reports, publicly available information and their advertising visibility in the city, though the probe could widen to other operators. The inquiry follows scrutiny of Polymarket's influencer marketing after Wall Street Journal reporting that promotions simulated or overstated trading profits, and the company said it would review and audit its advertisements. The investigation is focused on advertising rather than the legality of the contracts themselves, but it unfolds alongside lawsuits by New York Attorney General Letitia James against Coinbase, Gemini Titan and Kalshi, and a wider dispute with the Commodity Futures Trading Commission over whether event contracts fall under state gambling law or federal derivatives oversight.