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Crypto betting service Polymarket is under investigation by French regulator Autorite Nationale des Jeux (ANJ) after a French citizen bagged $50 million by betting on Trump winning the U.S. election. ANJ is considering banning Polymarket, despite it being a cryptocurrency service. Polymarket, a platform for buying and selling shares representing future outcomes, is currently unavailable to American users due to licensing issues. However, the service, like others of its kind, is seen by some as a better forecasting method than traditional polls.

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Polymarket, the crypto betting service, is under investigation by the French gambling regulator, Autorite Nationale des Jeux (ANJ). The focus of this investigation is due to a French citizen making huge, successful bets on Donald Trump winning the U.S. election through Polymarket.

ANJ is known to regulate licensed gambling platforms and is reported to be considering a ban on Polymarket as even though it’s a cryptocurrency-based service, it’s still seen as a betting activity, which is illegal in France.

The French gambler in question, known as Theo, reaped huge profits from his bets using Polymarket. He reportedly won $50 million by betting on Donald Trump winning the U.S. presidential election, despite polls indicating it was going to be a tight race with Kamala Harris.

Polymarket is basically a platform where traders can buy and sell shares that represent future outcomes. Each share will either pay out $1 in the USDC stablecoin if the prediction is right or zero if it’s wrong. The prices in cents on the dollar represent the odds the market gives each outcome. Currently, the New York-based platform doesn’t allow American users, following a settlement with the Commodity Futures Trading Commission due to operating without the required license.

While some believe prediction markets like Polymarket present a more accurate forecasting method than polls and pundits, because participants have a financial risk involved, betting on election outcomes remains a controversial subject in several countries like the U.S. where such activities may become outlawed at exchanges soon.