France Mulls Ban on Crypto Betting Platform Polymarket

Polymarket, a crypto prediction platform, is under investigation by France’s gambling authority. The platform gained attention during the 2024 U.S. presidential election, with millions of dollars in bets placed. 

The National Gaming Authority of France (ANJ) is now considering whether to block Polymarket in the country. With billions of dollars on the line, the outcome of this investigation could impact the future of crypto betting.

What is Polymarket, and Why Does France Care?

Polymarket allows users to bet on real-world events using cryptocurrency. Although Polymarket is based in New York, people from all over the world, including France, have embraced the platform. 

In October 2024, Polymarket saw $2.5 billion in bets, fueled by interest in the U.S. election. France’s gambling laws are at the heart of the issue. Despite Polymarket using cryptocurrency, the platform operates like a traditional betting site. 

A source close to the ANJ confirmed that this activity still qualifies as gambling under French law. Betting is heavily regulated in France, and any platform offering unapproved betting can face serious consequences.

Crypto Meets Gambling Laws: A Legal Challenge

Some high-profile users have made headlines, including one named "Fredi9999," who placed over $20 million in bets on Donald Trump winning the 2024 election. This user could rake in up to $50 million in profits, raising red flags for French regulators.

Polymarket's operation may be digital, but its function remains the same as traditional betting. According to William O’Rorke, a legal expert, predicting random outcomes is considered gambling, regardless of whether cryptocurrency is used. 

As the investigation unfolds, Polymarket’s future in France remains uncertain. If regulators find the platform in violation, it could soon be banned. The outcome could set a precedent for how other nations handle crypto-based betting platforms moving forward.