By Steve Tenré
Published yesterday at 9:09 p.m., updated at 9:58 p.m.
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The site, which offers to bet money on political, societal or cultural issues, has already been suspended by regulators in the United States.
A gain which visibly alerted the authorities. The National Gaming Authority (ANJ) announced that it has launched an investigation into the online betting platform Polymarket, which gained popularity during the US presidential election. In particular, the extraordinary gain of 48 million dollars (more than 44 million euros) of a French trader, who had bet 28.6 million dollars on the victory of Donald Trump.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” said an ANJ spokesperson on Thursday. According to the specialized media The Big Whalethe fate of Polymarket would already be sealed, since the platform, which accepts bets in dollars or cryptocurrencies, should soon be banned in France. To operate in France, an online betting site must obtain authorization from the ANJ. However, according to our colleagues from Monde approval would not have been obtained by Polymarket.
Already suspended in the United States
The Polymarket site offers its users a large number of betting topics. To the question: “Will Donald Trump end the war in Ukraine in his first 90 days in office?”it is thus possible to purchase «actions» to place on yes or no. The odds are moderately high for the yes vote, since there is currently a 36% chance that the Republican will succeed, according to a barometer put forward this Thursday evening.
The Polymarket home page. Screenshot
Other questions appear, such as “Will Israel strike an Iranian nuclear facility in 2024?”, “Will Bitcoin reach $250,000 in 2024?” or “Will Taylor Swift be married in 2024?”. Some of the questions have already garnered more than $700 million in bets, like the one asking which team will win the SuperBowl next year. On the day of November 5 alone, 294 million dollars were recorded on the platform.
The site, whose head office is in New York, has already been suspended by regulators in the United States, pending a court decision. However, Polymarket was regularly cited during the American presidential campaign, notably by pro-Trump influencers, according to the New York Post . Americans can actually access it by bypassing the blockage, thanks to a VPN.
The Meltdown of Polymarket: A Betting Bonanza or Legal Nightmare?
Ah, the world of online betting, where fortunes can be made faster than you can say “I probably shouldn’t be gambling on whether Taylor Swift will tie the knot before the next ice age.”
According to recent chatter straight from the trenches of the betting world, Polymarket—a platform that rests in the sweet, sweet zone of political, societal, and cultural wagers—has been put in the regulatory hot seat. We’ve got a French trader who apparently thought he was the second coming of Nostradamus, betting a whopping $28.6 million on Donald Trump’s victory and reaping an astonishing $48 million in return. Not too shabby for a Tuesday evening, eh?
As it turns out, authorities don’t quite appreciate a modern-day Midas in their midst, because here come the regulators charging in with a full orchestra of red tape. The National Gaming Authority (ANJ) in France has decided to investigate this hotbed of betting activity. In their words (with a pinch of French formality), “We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation.” Someone call a psychic; this is bound to end in a dramatic courtroom showdown.
The Good Ol’ US of A Pulled the Plug
Polymarket might as well be the boy who ate too many sweets; it’s already been suspended in the United States, pending a court decision that could either save it or send it packing faster than a bad magician. But wait, there’s more! Users seem to be flying under the radar by sundering all sorts of state restrictions using VPNs. The saying “Where there’s a will, there’s a way” takes on a whole new meaning when there’s money involved, right?
And let’s not overlook the delightful smorgasbord of betting options! Will Trump end the Ukraine war in 90 days? Will Israel attack an Iranian nuclear site? Will Bitcoin hit a cool $250,000? And let’s not forget, will Taylor Swift find love in… oh wait, fewer than three months? It’s a staggering array of questions that make you ponder whether our priorities as a society have gone completely belly-up.
In fact, some questions have amassed more cash than an average lottery jackpot, with over $700 million in bets for topics like—drumroll please—who will win the Super Bowl next year! I mean, if you’re going to gamble, why not go big, right? If American sports betting was an Olympic sport, we’d have several gold medals by now!
With Polymarket apparently running on sheer adrenaline and crypto dreams, it seems highly likely it’ll soon be crushed under the weight of its own ambition—or better yet, an avalanche of paperwork from the ANJ. They’re facing a ban quicker than you can say “je ne sais quoi.”
So, what’s the moral of this wild betting saga? Perhaps it’s a gentle reminder that in the world of online betting, not everything that glitters is gold. Or in Polymarket’s case, not everything that looks like a quick cash cow is legally sound. It appears our French friends might just be raising the metaphorical eyebrow and saying, “S’il vous plaît, not in our backyard!” Only time will tell if Polymarket will bounce back or fold like a cheap deck chair as we ride this rollercoaster into the sunset.
Published yesterday at 9:09 p.m., updated at 9:58 p.m.
The online platform, which facilitates monetary bets on various political, social, and cultural issues, has already been put on hold by regulatory bodies across the United States.
This significant surge has caught the attention of regulatory authorities, prompting the National Gaming Authority (ANJ) to initiate a formal investigation into the online betting service Polymarket. This platform witnessed a meteoric rise in popularity during the recent US presidential election campaign. The investigation was notably sparked by a remarkable gain of 48 million dollars (exceeding 44 million euros) made by a French investor who placed a staggering 28.6 million dollars on a wager concerning Donald Trump’s victory.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” a spokesperson from the ANJ stated on Thursday. According to reports from specialized media outlet The Big Whale, it seems that Polymarket’s fate is already sealed, as the platform, which allows bets in both dollars and cryptocurrencies, faces imminent prohibition in France. To legally operate within French jurisdiction, an online betting site is required to secure authorization from the ANJ, a permission that Polymarket reportedly failed to obtain as noted by our esteemed colleagues from Monde.
Already suspended in the United States
The Polymarket platform presents a plethora of betting possibilities for its users. For instance, regarding the query: “Will Donald Trump end the war in Ukraine in his first 90 days in office?”, participants can acquire «actions» to wager on either a yes or no outcome. Current assessments reflect a moderate probability for the affirmative response, with estimates placing the likelihood of the Republican’s success at 36%, according to a recently published barometer.
Numerous additional questions are available for bets, such as “Will Israel strike an Iranian nuclear facility in 2024?”, “Will Bitcoin reach $250,000 in 2024?”, or “Will Taylor Swift be married in 2024?”. Some bets have already attracted over $700 million in capital, particularly those speculating on which team will seize victory in the Super Bowl next year. Just on November 5 alone, an astonishing $294 million was transacted on the platform.
Headquartered in New York, Polymarket has faced suspension by regulators in the United States while awaiting a judicial resolution. Despite this setback, Polymarket gained frequent mention throughout the American presidential campaign, especially among pro-Trump influencers, as highlighted by the New York Post. Despite regulatory hurdles, some American users have reportedly been able to access the platform by circumventing restrictions using virtual private networks (VPNs).
Options that reflect a wide range of public curiosity, from political outcomes to pop culture events. Amid this surge in activity, a multitude of questions have arisen about the future of the platform itself, sparking significant interest from both bettors and regulators alike.
As it stands, Polymarket faces extensive scrutiny from regulatory bodies not only in the United States but also in France. The French National Gaming Authority (ANJ) is currently investigating the platform’s operations, particularly in light of its recent popularity and the massive financial gains some users have realized in such a short timeframe. This investigation seems to be a response to concerns about compliance with local gambling laws, especially considering that the platform has not secured the necessary authorizations to operate legally in France.
In the U.S., Polymarket has already been suspended, pending a court ruling that will determine whether it can resume operations or face a permanent shutdown. Users attempting to bypass this suspension have resorted to using VPNs, indicating a strong desire among bettors to maintain access to the platform despite its regulatory challenges. Such trends reflect an ongoing tension between the innovative world of online betting and the established rules governing gambling.
Thus, as Polymarket’s future hangs in the balance, the implications of its current predicament extend beyond just the platform itself. They raise crucial questions about regulatory frameworks adapting to modern betting practices, the boundaries of online wagering, and the ethical considerations that come with betting on real-world events. Ultimately, whether Polymarket can navigate these tumultuous waters and emerge as a legitimate player in the online betting arena remains to be seen. The coming months will likely reveal whether this betting bonanza leads to a broader acceptance of similar platforms or serves as a cautionary tale for prospective investors and participants in the ever-evolving landscape of online gambling.
