Has Polymarket Lost Its Bet?
Of course, a platform of this magnitude, with such extensively publicized sums, was bound to catch the government’s eye, specifically the National Gaming Authority (ANJ). Consequently, the ANJ has recently announced that it has initiated an investigation into the platform. We are familiar with this site and are currently examining its operations and its compliance with French gambling laws
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But it appears that this investigation may be too late as the dice seem to have already been cast for Polymarket, since the platform, which accepts bets in dollars or cryptocurrencies, is likely to be banned in France soon. Indeed, to operate in France, an online betting site must obtain approval from the ANJ. However, according to Le Monde, Polymarket does not have this approval!
Donald Trump’s Little Boost
This investigation also comes after a 48 million dollar / 44 million euro bet was won by a man claiming to be a trader and of French nationality. The global frenzy over the presidential elections indeed played a significant role.
According to data from Polymarket, betting related to the elections amounted to nearly 3.7 billion dollars. To achieve such figures, the platform had bet on Donald Trump’s victory, its odds on the billionaire always being higher than those of traditional pollsters.
Even though the New York-based platform is inaccessible in the United States, it’s easy to bypass this blockage using a VPN, allowing many Americans—who are keen gamblers—to heavily use the platform since the beginning of the year…