Polymarket: Betting on Everything, Including Elections, Faces French Scrutiny

The American presidential election brought it into the spotlight, and now, Polymarket, a website that allows users to bet on virtually anything, faces potential prohibition in France.

Who will win the presidency? Which way will Nevada swing? Who will be part of the next administration? On Polymarket, you can wager on these questions and countless others, particularly concerning US elections.

A French trader reportedly made tens of millions of euros by betting $28 million on a Trump victory. “I know many Americans who vote for Trump without saying so,” he predicted to the Wall Street Journal, just days before the election.

According to cryptocurrency news source The Big Whale, this bold bet caught the attention of the Autorité Nationale des Jeux (ANJ), the French gambling regulator.

French law is very strict regarding online betting sites. Since their legalization in 2010, only horse racing, sports betting, and poker are permitted online. Lottery games and casino games, which are widespread on the internet, are theoretically banned in France.

ANJ Investigates

Unsurprisingly, Polymarket, which allows betting on almost anything, is likely to be banned in France.

Contacted for comment, the ANJ confirmed that it is aware of the site.

“We are currently examining its operation and its compliance with French gambling legislation,” the agency explained.

Although based in New York, Polymarket is actually prohibited for Americans, but this regulation could change.

The site differs slightly from traditional betting platforms. Instead of directly wagering money, users buy “shares” with cryptocurrency. The more likely an event is to occur, the more valuable the corresponding shares become. The bets of users drive the price of these shares up or down.