French gambling authority investigates millions in profit on Trump bet
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15 Nov 2024 •
Reading time: 2 minutes The crypto gambling platform Polymarket, where you can bet on almost anything, is under fire in France. The French gambling regulator, the Autorité Nationale des Jeux (ANJ), has launched an investigation. Why? Because a French gambler recently won a huge amount by betting on Donald Trump. Now the ANJ is wondering whether Polymarket is operating according to the rules and is even considering a ban.
The French newspaper Les Echos broke the news: a French player bet tens of millions of dollars on a Trump victory in the last American elections and made a huge profit. That raised eyebrows at the ANJ. Since then, they have been investigating whether Polymarket is operating legally and is not in violation of French gambling legislation. According to the rules, every gambling site in France must have a license to be allowed to operate legally.
Polymarket and the controversy surrounding Crypto gambling
Polymarket, which has been banned in the United States since 2022, allows users to place bets on everything from political outcomes to the value of Bitcoin and other world events. On Polymarket, users buy “shares” in a certain prediction and can try their luck. The more likely the predicted scenario, the more those shares become worth. A bit like a stock exchange, but with gambling.
The French regulator is now wondering whether Polymarket is not operating illegally in France. They want to prevent French people from secretly participating in gambling activities for which Polymarket does not have a license. If they decide that it is not going according to the rules, the ANJ can ban Polymarket from France.
Gambling with crypto: banned in Belgium?
In Belgium, the use of cryptocurrency, such as bitcoins, for gambling is explicitly not permitted and therefore prohibited. Gambling itself is subject to regulations. However, there are illegal websites that promote casinos that offer crypto gambling in Belgium. The general advice is to stay away from them. Because you can get into serious trouble as a player.