New York City is taking a closer look at two popular prediction markets, Kalshi and Polymarket, amid growing concerns over social harms. The city's Department of Consumer and Worker Protection has launched an investigation into the platforms, which allow users to wager on a wide range of outcomes, from the outcome of presidential elections to the price of cryptocurrencies. Critics have raised alarms about the potential for these platforms to spread misinformation, facilitate scams, and exacerbate social issues such as mental health problems and financial exploitation. As the investigation unfolds, experts are weighing in on the risks and benefits of these prediction markets, with some arguing that they can provide valuable insights and others warning of the dangers of unchecked speculation.
New York City probes Kalshi and Polymarket over social harms Fortune
