:max_bytes(150000):strip_icc():focal(749x0:751x2)/Naomi-Biden-pregnant-110524-1f85b8bc600b4bd78e7d1ee1e15fce0f.jpg "Granddaughter of Joe Biden, Naomi Biden, Expecting First Baby")
French regulators are eyeing a ban on the crypto betting website Polymarket after an anonymous trader made almost $50 million betting that Donald Trump would win the presidential election.
The “Trump Whale,” a mystery trader who called himself “Thèo” while speaking to The Wall Street Journal, wagered more than $30 million on the election through four anonymous accounts. They described themselves as a wealthy Frenchman who used to work as a trader for several banks, according to The Journal.
Thèo cited a series of September neighbor polls — surveys that ask respondents who they think their neighbor would vote for — which showed that support for Vice President Kamala Harris was lower than when respondents were questioned on who they would vote for. They also commissioned their own surveys using an unnamed major pollster, which showed results that were “mind blowing to the favor of Trump,” The Journal reports.
Although Thèo was successful, Polymarket’s outsized publicity in the 2024 election is drawing scrutiny in France, where online gambling is subject to heavy regulation. In total, users around the world wagered $3.2 billion on whether Trump or Harris would win the election.
The Big Whale on Wednesday reported that France’s Autorité Nationale des Jeux (ANJ) is preparing to ban the site for French users, citing a source close to the agency.
“We are aware of this site and are currently examining its operation and compliance with French gambling legislation,” an ANJ spokesperson told Bloomberg News on Thursday.
Although Polymarket is based in the U.S., only users outside the country are allowed to place bets on the website after a 2022 settlement with the Commodity Futures Trading Commission. Other betting markets, such as Kalshi and Robinhood, have started allowing local election contracts following a September court victory.
However, avoiding local bans on accessing Polymarket is simple. All it takes is the use of a virtual private network, or VPN, which is relatively easy to get access to. Not to mention the many online tutorials explaining how to circumvent Polymarket’s rules.
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