Polymarket, the controversial betting site soon to be banned in France?

Highlighted on the occasion of the American presidential election, the site meets all the criteria which should lead to its ban.

Who will win the presidential election? Which camp will Nevada fall into? Who to join the Trump administration? On Polymarket, you can bet on anything and everything, including the American elections.

A French trader thus pocketed tens of millions of euros by betting $28 million on a Trump victory. “I know a lot of Americans who are voting for Trump without saying it,” he predicted to the Wall Street Journal, a few days before the election.

According to the site specializing in cryptocurrencies The Big Whale, it is this audacious bet which alerted the national gaming authority (ANJ) which regulates betting in France.

However, French legislation is very strict on online betting sites. Since their authorization in 2010, only horse racing and sports betting, as well as poker, have been authorized online. Scratch or casino games, which abound on the internet, are in theory prohibited in France.

ANJ looks into the question

Unsurprisingly, Polymarket, which allows you to bet on anything and everything, therefore has every chance of being banned in France.

Contacted by Tech&Co, the ANF confirms that it “knows” the site.

“We are currently examining its operation as well as its compliance with French legislation on gambling” explains the organization.

Although located in New York, Polymarket is also prohibited to Americans, but this legislation could evolve.

The site nevertheless differs slightly from classic betting sites: bettors, instead of betting money directly, must buy shares which they pay in cryptocurrencies. The more likely an event is to happen, the more the actions that support it will be worth. And it is obviously the bettors' stakes which increase or decrease the odds.