Originally published on: November 07, 2024
France is contemplating a ban on the cryptocurrency prediction platform Polymarket, which has gained attention due to user interest surrounding the 2024 presidential election in the United States.
The National Gaming Authority of France, known as the Autorité nationale des jeux (ANJ), is currently investigating Polymarket’s activities to ensure compliance with French gambling laws, according to a report by Bloomberg.
“We are currently evaluating the operations of this platform and its adherence to French gambling regulations,” a spokesperson for the ANJ confirmed to Cointelegraph.
Reports suggest that the ANJ may soon prohibit French users from accessing Polymarket. The platform, established in 2020, enables users to wager on real-life event outcomes using cryptocurrencies.
With the US election hype in full swing, Polymarket has experienced significant success in 2024, with betting reaching a whopping $2.5 billion in October as per data from Dune Analytics.
While Polymarket’s HQ is in New York, the platform is off-limits to US residents, but individuals from countries like France have actively participated. Notably, a trader believed to be French placed over $20 million in bets favoring Donald Trump, potentially earning nearly $50 million in profits across multiple accounts.
Despite its crypto ties, Polymarket is subject to French gambling laws, emphasizing that even though cryptocurrencies are involved, it is still considered a form of betting, which is illegal in France.
William O’Rorke, a partner at ORWL Avocats, likened Polymarket to traditional sports betting, emphasizing that betting money on random events constitutes gambling.
Polymarket holds significance in the 2024 US presidential election, with CEO Shayne Coplan noting that Trump’s campaign team relied on Polymarket to gauge their chances of victory.
As the debate over Polymarket’s legality continues, its role in the world of cryptocurrency betting remains a topic of interest and contention.
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