France Restricts Access to Polymarket

French users have had their access to Polymarket restricted, with the prediction platform’s website now operating in “view-only” mode. This was reported by The Big Whale journalist Grégory Raymond.

? Info @TheBigWhale_

Comme nous le révélions il y a 2 semaines, @Polymarket n’est désormais plus accessible depuis la France ??

On ne peut plus placer de paris

Un vœu pieux, car j’ai réussi à en placer un grâce à un VPN pic.twitter.com/7YMXV6dafy

— Grégory Raymond ? (@gregory_raymond) November 22, 2024

The restriction occurred two weeks after the French National Gambling Authority (ANJ) began an investigation.

The regulator’s attention was drawn by a local trader known as Theo4, who placed a bet of over $30 million on Donald Trump winning the U.S. presidential election. According to Polymarket, his net profit was approximately $19 million.

At the time of writing, no official statement had been issued by the betting platform or ANJ.

Raymond noted that he managed to place a bet on Polymarket despite the restrictions:

“We can no longer place bets. [Authorities] are wishfully thinking, as I managed to place one through a VPN.”

In the months leading up to the U.S. presidential election, activity on the platform surged. In total, players worldwide wagered over $3.2 billion on this event.

According to Dune Analytics, after Trump’s victory, volumes on Polymarket plummeted—from a record $371 million on November 5 to the current $54 million.

Back on November 13, FBI agents searched the Manhattan apartment of Polymarket CEO Shayne Coplan. Media reported that authorities seized a phone and other electronics.