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New York City Council Speaker Julie Menin sent letters to four prediction market companies serving New York residents, opening a council investigation the announcement described as targeting predatory marketing practices.
No company names were disclosed in the release. Letters without named targets Menin's office confirmed the letters went to four operators offering prediction market services in New York.
The council did not identify the recipients. The probe's stated focus is marketing conduct directed at New Yorkers, according to the council's announcement.
Prediction markets allow participants to trade contracts tied to the outcomes of real-world events.
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