2024

United

Donald Trump

France’s gambling regulator is considering banning the cryptocurrency prediction platform Polymarket, which has made headlines on user demand around the 2024 presidential election in the United States.
The National Gaming Authority of France, the Autorité nationale des jeux (ANJ), is investigating Polymarket’s operation and compliance with French gambling laws, Bloomberg <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-11-07/crypto-bets-on-trump-polymarket-examined-by-french-regulator-anj" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a> on Nov. 7.
“We are familiar with this site and are currently examining its operation and its compliance with French legislation on gambling,” a spokesperson for the ANJ confirmed to Cointelegraph.
Previously, a crypto-focused publication, The Big Whale, <a data-ct-non-breakable="null" href="https://en.thebigwhale.io/article-en/exclusive-france-to-ban-polymarket" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a> that the ANJ is expected to ban access to Polymarket for French users in the near future.
<h2 id="what-is-polymarket-and-why-did-it-catch-the-attention-of-anj">What is Polymarket, and why did it catch the attention of ANJ?</h2>
Launched in 2020, Polymarket is a decentralized prediction market platform that allows users to bet on real-world event outcomes using cryptocurrencies.
The betting platform has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/polymarket-tops-one-billion-betting-volume-amid-us-election-hype" rel="noopener noreferrer nofollow" target="null" text="null" title="null">seen huge success</a> in 2024 amid the US election hype, reaching $2.5 billion in bets in October, <a data-ct-non-breakable="null" href="https://dune.com/petertherock/polymarket-on-polygon" rel="noopener noreferrer nofollow" target="null" text="null" title="null">according</a> to data from Dune Analytics.
<figure><img alt="France, Betting, Donald Trump, Policy" src="https://s3.cointelegraph.com/uploads/2024-11/019306ee-7c22-7fd2-8f42-713f8c47423d" title="">
 <figcaption style="text-align: center;">
 Polymarket bet trading volume. Source: Dune Analytics
 </figcaption>
</figure>
Although Polymarket is headquartered in New York, the platform is currently inaccessible to US residents. However, people in other parts of the world, like France, have been using it actively.
For example, a pseudonymous trader and an alleged French national <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/polymarket-whale-trump-odds-manipulation" rel="noopener noreferrer nofollow" target="null" text="null" title="null">placed at least $20 million worth of bets</a> supporting Donald Trump as the next US president. Nicknamed Fredi9999, the Polymarket user is expected to see nearly $50 million in profits across four identified accounts, according to Bloomberg.
<figure><img alt="France, Betting, Donald Trump, Policy" src="https://s3.cointelegraph.com/uploads/2024-11/019306ee-0c5e-7a28-9350-c5cdc36d34ae" title="">
 <figcaption style="text-align: center;">
 Fredi9999 account and latest trades on Polymarket. Source: Polymarket
 </figcaption>
</figure>
<h2 id="polymarket-is-a-betting-activity">Polymarket is a betting activity</h2>
Polymarket is subject to France’s gambling laws despite being related to cryptocurrency, a source close to the ANJ told Bloomberg.
“Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity, and this is not legal in France,” the source reportedly said.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/betting-volumes-near-4-billion-us-election-day" rel="noopener noreferrer nofollow" target="null" text="null" title="null">US presidential race bets near $4B on election day</a>
According to William O’Rorke, partner at ORWL Avocats, Polymarket consists of betting money on something random, and that’s strictly the definition of gambling, so it is like a sports bet. He stated:
<blockquote>
 “Unlike financial companies, the ANJ has the power to block the platform even though Polymarket does not specifically target French users.”
</blockquote>
Polymarket has played a role in the 2024 US presidential election. According to CEO Shayne Coplan, Trump’s campaign team “literally found out they were winning from Polymarket.” 
<figure><img alt="France, Betting, Donald Trump, Policy" src="https://s3.cointelegraph.com/uploads/2024-11/019306ec-f085-7633-9923-362187c4c450" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/shayne_coplan/status/1854045045806023002" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/shayne_coplan/status/1854045045806023002">Shayne Coplan</a>
 </figcaption>
</figure>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/off-the-grid-gunzilla-games-gaming-crypto-tokens-catizen-web3-gamer/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Off The Grid is plagued by cheaters: Web3 Gamer</a>

France considers ban on crypto betting platform Polymarket

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