30s Summary

The French National Gaming Authority (ANJ) is investigating the cryptocurrency prediction platform Polymarket, as it may not align with France’s gambling laws, according to a Bloomberg report. Polymarket, which saw over $2.5 billion in bets in October 2024 due to the US elections, allows users to gamble on real-world events using cryptocurrency. The ANJ may plan to restrict French users from accessing Polymarket in the future. Despite Polymarket being based in New York, international users, including French ones, are using the platform, albeit illegally according to French law.

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France’s gambling watchdog, the National Gaming Authority (ANJ), has set its sights on the cryptocurrency prediction platform Polymarket. Polymarket has been making waves due to the massive user engagement it’s seen surrounding the 2024 US presidential elections. Now the ANJ is scrutinising it to see if it’s playing by French gambling rules.

The ANJ made headlines when they said they’re completely aware of Polymarket and are currently investigating to see if it’s following French gambling laws. The news was first released by Bloomberg, a world-famous financial, software, and media company, on November 7th.

Previous reports by a crypto-focused website, The Big Whale, suggest that the ANJ may be planning to stop French users from accessing Polymarket in the future.

So what is Polymarket, and why is it causing such a stir? Put simply, it’s a prediction site launched in 2020 which lets users gamble on the results of real-world events, like elections, using cryptocurrencies. The platform saw a massive growth spurt in 2024 during the hype of the US elections, witnessing a staggering $2.5 billion in bets in October alone.

Polymarket is based in New York, but people from across the globe, including France, are active users, despite it being off-limits to US residents. For instance, one French user, who goes by the pseudonym Fredi9999, reportedly placed a whopper of a bet, over $20m, backing Trump as the next US President.

But here’s where the trouble starts. According to a source close to the ANJ who spilled the beans to Bloomberg, despite Polymarket’s connection to cryptocurrency, French gambling laws still apply. The source clarified by saying, “Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity, and this is not legal in France.”

With numerous bets placed on it during the 2024 US presidential elections, the allure of Polymarket is crystal clear. The company’s CEO, Shayne Coplan, even claimed that Trump’s campaign team found out they were winning through Polymarket. This goes to show just how closely tied Polymarket has become to major, real-world events.