Key Takeaways
- France’s National Gaming Authority (ANJ) is reviewing Polymarket’s business practices following French investors’ use of the platform to bet big on Donald Trump.
- The crypto betting platform received $3.5B in trading volume alongside the 2024 US presidential election – $294M of which was recorded yesterday.
- Despite the potential ban, Trump’s pro-crypto stance might pave the way for US investors to finally be able to wager on it.
France is mulling over muting Polymarket after it received $3.5B in trading volume during the 2024 US presidential election hype.
Yesterday, before Trump’s victory was loudly reported, the crypto betting platform recorded an impressive volume of $294M.
The French ANJ is examining the platform’s operations and compliance with the nation’s gambling legislation.
Wagers Overseas Prompt Polymarket Concerns
Polymarket wagering on the future president before the ruling’s final decision was a close call in August and October. But, as the election date drew closer, Trump sentiment spiked, with Harris’ increasingly lagging.
US investors are banned from voting on Polymarket. Bettors from across the pond taking to the platform to bet big on Trump raised concerns about skewing the perception of US votes.
The French regulator’s increased focus on the crypto betting platform coincides with significant whale bets, but its next steps remain uncertain.
Lawyer William O’Rorke said that the ANJ can block the domain name in France. However, considering Polymarket doesn’t require account identity (just a crypto wallet), he believes it’ll be easy for French investors to access the platform using a VPN.
French Whales Trigger ANJ’s Polymarket Scrutiny
ANJ’s Polymarket oversight coincided with the French investor dubbed ‘Theo4’ placing $19.2M on a Trump Triumph yesterday. Such a bet wasn’t without merit – the bettor walked away with an extra $21M in their crypto wallet.
Polymarket reportedly contacted Theo regarding his significant trades. However, the trades weren’t found suspicious over being based on personal political beliefs.
Another French investor also raised eyebrows by voting $45M on Trump and profiting a life-changing $47M. To mask their trading activity, they used four Polymarket accounts.
In addition, an account under ‘zxgngl’ gained a sizable $11M from an initial $18M Trump position.
Despite the chunky whale bets, Trump only captured 8.87% more trading volume than Harris on Polymarket. He collected $1.53B in comparison to her $1.4B.
Some Harris voters witnessed significant losses after Trump clinched the win. One of which includes ‘leier,’ who traded around $13.4M and lost $5M.
$BTC Hit $75K ATH After Trump Victory
Given Trump’s pro-crypto stance, it’s logical that he was the favored candidate on the aptly named Polygon-based gambling hub.
Trump has promised prosperous times for the blockchain world. Positioning himself as the ‘crypto president,’ he continuously vows to end anti-crypto policies.
Emphasizing the weight of his crypto stance, as soon as Trump became the next president-elect, Bitcoin hit an ATH of $75K.
US Senator Lummis also reaffirmed that $BTC will become a national reserve asset on the election day.
Polymarket’s Predictions Weren’t Far-Fetched
Though Polymarket continues to face scrutiny, its projections have been on point. It correctly signaled Biden’s presidential removal and Trump’s mighty electoral win.
Despite this, France might still ban Polymarket after reviewing its operations. But, given America’s strict crypto regulations should loosen soon, Polymarket may soon be open to US wagers – easing its possible loss of French bettors.
References
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Leah is a seasoned British journalist with nine years of expertise who specializes in Web3 reporting. Her insightful contributions have graced the pages of respected publications, including Coinbound, Cointelegraph, Bitcolumnist, NFT Lately, and NFT Plazas. With a keen eye for detail, she offers distinct perspectives on the ever-evolving blockchain industry.
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