Polymarket, a platform for betting on virtually any topic, gained popularity during the US elections. However, France is considering blocking the site.
Polymarket's Popularity
Polymarket became the center of attention due to its facility for placing bets on diverse events such as sports results, asset prices, and political events. Over $3.2 billion was wagered on the US elections, with $294 million recorded on November 5th.
Bets Considered As Gambling
French regulators view bets on Polymarket as gambling activities. William O’Rorke from ORWL Avocats stated that it fits the gambling definition since users bet money on random events.
French Regulators' Reaction
The attention of French authorities was drawn by an unknown trader who bet over $30 million on Trump's victory. Despite potential domain blocks, users may bypass these using VPNs, as Polymarket doesn’t require proof of citizenship upon registration.
French regulators are seriously concerned with Polymarket's activities and are considering a ban on the platform. Nevertheless, tech-savvy users could counteract these measures.
