French authorities may ban Polymarket soon

French authorities may soon impose a ban on Polymarket, the popular betting website that has gained traction during the US elections. The website enables users to place bets on a wide range of events, including sports outcomes, asset prices, geopolitical events, and election results. With over $3.2 billion wagered on the US elections and a daily volume of $294 million on November 5th alone, Polymarket has attracted the attention of regulatory agencies worldwide. However, the French gambling regulator, ANJ, views Polymarket bets as gambling and is considering a ban for French citizens, despite the use of cryptocurrencies instead of fiat currency. The large bet of over $30 million placed on Trump’s victory by an unknown French trader has likely contributed to the regulators’ scrutiny. While blocking the website’s domain is a potential measure, tech-savvy individuals can easily bypass such restrictions using VPNs.