After $50 million Trump wager payout, France moves to ban Polymarket betting platform

France plans to ban Polymarket after a $50M Trump bet payout.

: Following a $50 million payout from a Trump victory bet, French regulators have moved to ban Polymarket. The platform, backed by Peter Thiel, involved $3.2 billion in total election bets. A user, Thèo, bet $28 million based on neighbor polls favoring Trump. France's ANJ will likely ban the site for illegal betting.

After a $50 million win from a bet on Donald Trump's election victory, French authorities are moving to ban the Polymarket platform. Underpinning these massive earnings, Polymarket was backed by Peter Thiel and saw a total of $3.2 billion in bets on the election, with $1.3 billion placed on Trump.

A user known as Fredi9999, later identified as Thèo, significantly invested $28 million in Trump's win using four different accounts. Thèo based his bets on neighbor polls showing lower support for Kamala Harris and even commissioned additional surveys with eye-opening results showing strong Trump backing.

Amid concerns about the legality of cryptocurrency-based betting in France, the country's gambling regulator ANJ is stepping in. Despite Polymarket's headquarters being in New York, the prospect of local access being banned is driven by its classification as a betting activity which is illegal under French law.

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