French regulators are looking into Polymarket after a massive surge in US election betting

Regulation

The French gambling regulator is reportedly contemplating banning access to the predictions market Polymarket.

An anonymous source in the authority said the regulator can block access to Polymarket even though it does not specifically target French users.

According to a Big Whale report, the regulator took an interest in Polymarket following claims that an unknown French trader pocketed $19 million after correctly predicting Donald Trump’s victory in the U.S. presidential elections. Though initially shunned by traditional media, Polymarket consistently showed Trump leading Democratic candidate Kamala Harris sometimes by double-digit figures.

However, many U.S. officials, including the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, have warned that predictions markets face possible enforcement actions if they offer unregistered derivative contracts to U.S. residents. Behnam has previously revealed that the CFTC is closely monitoring offshore prediction markets, including Polymarket.

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