Polymarket blocks French users amid regulatory scrutiny over $80 million Trump election bet

Prediction marketplace Polymarket has expanded its access restrictions to include users in France, amid a reported investigation by France's National Gaming Authority (ANJ) into the platform’s compliance with local gambling laws.

While the company has yet to officially announce the ban on French users, attempting to access the prediction market platform from France results in a message noting that Polymarket is in "view-only mode" for "persons located in the United States, France, or persons located in restricted jurisdictions." 

The updated restrictions come as France's National Gaming Authority (ANJ), which supervises online gambling in the country, is reportedly investigating the site to determine whether it complies with French law. Government officials may have taken an interest in the site after Polymarket whale and French national  "Théo," also known as "Fredi9999," profited nearly $80 million from bets on Donald Trump winning the U.S. presidential election held earlier this month. 

A spokesperson for the ANJ  previously told The Block that the agency was aware of Polymarket and is investigating the site's operation and compliance with French gambling laws. This comes amid a surge in demand during the U.S. election and scrutiny over Théo’s betting activity on the platform. The French agency has not officially announced any policy change that may have led the platform to restrict French users. 

While Théo faced some allegations of market manipulation, the trader explained in an interview with the Wall Street Journal that he was apolitical and simply bet on the candidate he expected to win based on polls, some of which he even commissioned himself. 

Polymarket and the ANJ could not be immediately reached for comment by The Block.