L’Autorité nationale des jeux investigates Polymarket for potential violations of French gambling laws
The French regulatory authority for gambling, known as the Autorité nationale des jeux (ANJ), is conducting an investigation into the compliance of the crypto prediction platform, Polymarket, with French legislation. This probe comes at a time when interest in Polymarket has intensified, particularly with the buzz surrounding the 2024 US presidential election. According to sources cited by Bloomberg on November 7, the ANJ is even considering restricting access to the platform for French users.
A spokesperson for the ANJ confirmed to CoinAcademy’s team, “We have become aware of this site and are currently examining its operations and compliance with French gambling laws.” This statement reinforces the idea that the regulator views Polymarket’s activities, despite involving cryptocurrency, as online gambling. However, the spokesperson declined to comment on the rumors of a potential restriction.
Earlier, The Big Whale also reported that the ANJ is expected to block access to Polymarket for French users in the near future.
L’Autorité nationale des jeux puts Polymarket under surveillance
The Autorité nationale des jeux (ANJ), the regulator for gambling in France, is examining the compliance of the crypto prediction platform, Polymarket, with French legislation. This investigation comes at a time when interest in Polymarket has surged, especially with the excitement surrounding the 2024 US presidential election. According to sources cited by Bloomberg on November 7, the ANJ is even considering restricting access to the platform for French users.
Nous avons pris connaissance de ce site et examinons actuellement son fonctionnement ainsi que sa conformité avec la législation française sur les jeux d’argent.
This statement further solidifies the notion that the regulator views Polymarket’s activities, described as online gambling, unfavorably. Although the spokesperson did not comment on the potential restriction, this statement suggests that the ANJ is not pleased with Polymarket’s operations.
Prior to this, The Big Whale also reported that the ANJ is likely to ban French users’ access to Polymarket in the near future.
Polymarket’s meteoric rise thanks to the 2024 US election
Launched in 2020, Polymarket has emerged as a decentralized predictive markets platform where users bet on the outcomes of real-world events using cryptocurrencies. The year 2024 has been particularly lucrative for Polymarket, with $2.5 billion in bets recorded in October. While Polymarket is based in New York, the platform is inaccessible to US residents but remains popular in other regions, including France.
One notable bettor is a trader known by several aliases, including Fredi9999, a French national who has wagered over $20 million in support of Donald Trump’s reelection. Théo is set to pocket nearly $50 million in profits spread across four distinct accounts, employing a strategy of private and enhanced polling.
The French legal framework and crypto betting
Although Polymarket utilizes cryptocurrencies for its operations, the ANJ considers its activity to be gambling, which is in violation of current legislation. A source close to the ANJ stated to Bloomberg, “Even though Polymarket uses cryptocurrencies, it is still a betting activity, and that remains illegal in France.”
William O’Rorke, a lawyer at ORWL Avocats, supports this position. According to him, Polymarket fits perfectly within the definition of gambling: betting money on random events, akin to sports betting. Unlike traditional financial companies, the ANJ has the power to block access to the platform, even if Polymarket does not specifically target French users.
Polymarket, between influence and regulation
Polymarket’s influence on the political scene has not gone unnoticed. Shayne Coplan, CEO of Polymarket, revealed that Donald Trump’s campaign team discovered its advantageous position through the platform. While the election seemed virtually over on Polymarket with scores of over 90%, traditional media continued to comment on a “tight” race for several hours. This ability to influence information and shape the perception of electoral issues demonstrates that Polymarket’s impact extends beyond mere speculation.
As the ANJ closely examines the platform, the question remains as to how Polymarket will adapt to French regulations and, more broadly, whether other European countries will follow France’s lead in imposing similar restrictions.
