The crypto-powered prediction platform Polymarket is no longer allowed to operate in France, following an investigation by the country’s gambling regulator, the Autorité Nationale des Jeux (ANJ).
This is according to Grégory Raymond from The Big Whale, who made the announcement via social media platform X. Polymarket and ANJ are yet to comment on the matter.
“As we revealed 2 weeks ago, @Polymarket is no longer accessible from France. Bets can no longer be placed. Wishful thinking, because I managed to place one using a VPN,” Raymond wrote.
? Info @TheBigWhale_
— Grégory Raymond ? (@gregory_raymond) November 22, 2024
Comme nous le révélions il y a 2 semaines, @Polymarket n'est désormais plus accessible depuis la France ??
On ne peut plus placer de paris
Un vœu pieux, car j'ai réussi à en placer un grâce à un VPN pic.twitter.com/7YMXV6dafy
Earlier this month, a French trader dubbed the “French Trump Whale” collected more than $80 million in winnings after betting more than $30 million on Donald Trump to win the U.S. Presidential Election. The big win drove the ANJ to conduct an investigation into Polymarket, where the investor made the bets.
Polymarket generated around $3.2 billion in bets on this year’s election, including $294 million on election day alone.
“We are aware of this site and are currently examining its operation and compliance with French gambling legislation,” said an ANJ spokesperson days after the election, when it was revealed that the regulators were looking to ban the platform.
The 2024 election took place on Nov. 5, with the results clear by the following day.
Already banned in the U.S.
Polymarket has been banned in the U.S. since January 2022 after receiving a $1.4 million fine and a cease-and-desist order from the U.S. Commodity Futures Trading Commission for regulatory violations. The company failed to register with the agency before offering bets. Following this year’s election betting surge, it was revealed that the FBI raided the home of Polymarket CEO Shayne Coplan to investigate whether the platform had accepted bets from within the U.S.
France gambling regulations
“Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity and this is not legal in France,” said a source close to the ANJ, as reported by The Big Whale.
France is subject to strict gambling laws, limiting legal options to ANJ-licensed sports betting and horse racing operators and a state lottery run by the Française des Jeux. Online casinos remain prohibited, but a recent amendment to the Draft Finance Bill 2025 suggests that France may legalize online casino gaming next year.
“This opening is the result of aligning the gaming framework with our main European neighbors, France being, along with Cyprus, the only country in the European Union to ban online casino gaming,” the government said in a summary of the amendment.
