France investigates Polymarket, platform on which a Frenchman won $50 million after betting on Trump

A gain which visibly alerted the authorities. The National Gaming Authority (ANJ) announced that it has launched an investigation into the online betting platform Polymarket, which gained popularity during the US presidential election. In particular, the extraordinary gain of 48 million dollars (more than 44 million euros) of a French trader, who had bet 28.6 million dollars on the victory of Donald Trump.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” said an ANJ spokesperson on Thursday. According to the specialized media The Big Whale, the fate of Polymarket would already be sealed, since the platform, which accepts stakes in dollars or cryptocurrencies, should soon be banned in France. To operate in France, an online betting site must obtain authorization from the ANJ. However, according to our colleagues from Monde approval would not have been obtained by Polymarket.

Already suspended in the United States

The Polymarket site offers its users a large number of betting topics. To the question: “Will Donald Trump end the war in Ukraine in his first 90 days in office?”it is thus possible to purchase «actions» to place on yes or no. The odds are moderately high for the yes vote, since there is currently a 36% chance that the Republican will succeed, according to a barometer put forward this Thursday evening.

Other questions appear, such as “Will Israel strike an Iranian nuclear facility in 2024?”, “Will Bitcoin reach $250,000 in 2024?” or “Will Taylor Swift be married in 2024?”. Some of the questions have already garnered more than $700 million in bets, like the one asking which team will win the SuperBowl next year. On the day of November 5 alone, 294 million dollars were recorded on the platform.

The site, whose head office is in New York, has already been suspended by regulators in the United States, pending a court decision. However, Polymarket was regularly cited during the American presidential campaign, notably by pro-Trump influencers, according to the New York Post . Americans can actually access it by bypassing the blockage, thanks to a VPN.