French Regulator May Ban Polymarket
The French gambling regulatory body, Autorite Nationale des Jeux or National Gambling Authority (ANJ), has announced that it is investigating the operations of Polymarket, a cryptocurrency-based prediction market.
The market saw a surge in betting volumes during the recent US presidential election. A spokesperson for the ANJ stated that they are currently examining Polymarket’s compliance with French gambling laws and will provide an update soon.
According to a French crypto news website, The Big Whale, the ANJ is expected to block access to the site in the near future as it is considered illegal gambling in France.
This action follows the profitable bets placed on Polymarket by a French gambler, known only as Theo, who correctly predicted that Donald Trump would win the election despite polls indicating otherwise.
Theo is reported to make around $50 million in profits from his trades, prompting the ANJ’s investigation.
