Polymarket Raked in $3.5 Billion from US Election Results

France's National Gaming Authority (ANJ) is reportedly moving to block Polymarket, the blockchain-based prediction market platform that recently handled $3.5 billion in trades during the US presidential election.

This surge in betting activity has raised regulatory concerns, as Polymarket operates without a French gambling license.

The ANJ is "currently reviewing [Polymarket's] operations and its compliance with French gambling laws."

$450M Expected to be Distributed Following Trump's Win

Polymarket saw a record surge in activity as global audiences engaged heavily in betting on the US presidential election.

Following Donald Trump's victory, $450 million in payouts is expected to go to users, with one notable French trader, identified as "Théo," reportedly placing multimillion-dollar bets on Trump's win.

Théo’s wagers, totaling over $30 million, earned him close to a $50 million payout, drawing significant attention from France's ANJ.

The ANJ's concerns center on Polymarket's unlicensed operations, especially given the platform's rising popularity among French residents.

The regulator has the authority to restrict access, block domain names, and even pressure media outlets that link to unlicensed gambling sites.

Polymarket, which contacted Théo and confirmed his background in financial services, noted that his bets were based on personal views rather than insider knowledge.

The platform's reliance on blockchain technology allows users to place cryptocurrency bets directly, bypassing traditional betting intermediaries.

On 5 November alone, Polymarket handled over $294 million in trading volume as users speculated on the election's outcome, a testament to the growing appeal—and scrutiny—of decentralised betting.

Source: Dune

What Can or Will France's ANJ Do?

France's ANJ is preparing to restrict access to Polymarket, citing its unlicensed gambling activities, which under French law are only permissible through authorised operators.

While ANJ has the authority to block unlicensed sites, users may still bypass restrictions by using VPNs, as Polymarket requires only a crypto wallet for access, with no identity verification.

An ANJ insider noted:

“Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”

If enforced, the ban would limit Polymarket's usage within France, though VPN access may enable some users to circumvent it.

The ANJ may also pressure media outlets and directories to cease promoting or linking to Polymarket, aiming to further reduce its visibility.

However, the regulator has yet to specify a timeline for implementing these restrictions.