France’s gambling regulator , the National Gaming Authority (ANJ), has plans to block access to the site soon.
This move follows months of discussion among regulators worldwide about the betting activities from Polymarket. Especially after its popularity surged during the recent U.S. presidential election.
France Cracks Down on Crypto Betting Platform
Polymarket allows users to bet on the outcomes of all sorts of events—anything from sports games to political results or even future stock prices. The platform uses cryptocurrency, which makes it stand out from other betting platforms. With its simple approach, Polymarket has become a hit, attracting millions of users globally.
For example, during the U.S. presidential election, people from all over the world bet more than $3.2 billion through the platform, including a massive $294 million in one day, November 5.
Source: Dune
But in France, betting on such events is a no-go. France has strict rules around gambling, and according to a source close to the ANJ, Polymarket’s activities are considered gambling, which isn’t allowed. “Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity, and this is not legal in France,” the source explained.
According to The Big Whale , William O’Rorke, a partner at ORWL Avocats, put it simply, “Polymarket is essentially gambling. Users are betting money on something random, like in a sports game.” According to O’Rorke, this definition fits gambling perfectly, and since Polymarket doesn’t have specific financial or investment rules like regulated financial companies, the ANJ has the authority to block it—even if Polymarket isn’t directly targeting French users.
More About Polymarket in France
France’s National Gaming Authority believes Polymarket’s setup falls under gambling because users are betting on uncertain events. Despite its innovative use of cryptocurrency, the platform operates similarly to traditional betting sites, and France’s rules don’t currently support this form of online gambling.
BREAKING: FRENCH REGULATOR EXPECTED TO BAN @Polymarket – PER @TheBigWhale_ SOURCES pic.twitter.com/IyaGyQVHhN
— DEGEN NEWS (@DegenerateNews) November 6, 2024
For now, the ANJ seems ready to pull the plug on Polymarket for French users. Many see this as the start of tighter controls over crypto-based betting platforms across Europe. As gambling laws face new challenges with crypto-based platforms, regulators worldwide may be keeping a close eye on how France handles Polymarket’s ban.
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