French regulators are looking into Polymarket after a massive surge in US election betting

• France's gambling regulator said it's looking into Polymarket to determine compliance with domestic laws.
• That comes after one "whale" who bet $30 million on a Trump win was revealed to be a French national.
• France closely regulates online gambling and requires markets to receive authorization in advance.

Election betting surged during the 2024 presidential campaign, and the rising popularity of gambling on politics has drawn the attention of at least one government watchdog.

Polymarket, the crypto-based betting site which saw four accounts tied to one trader wager $30 million on a Donald Trump victory, is being probed by France's gambling regulator following the US election.

The Autorité Nationale des Jeux said it's investigating Polymarket to determine whether it complies with its domestic laws.

"We are aware of this site and are currently examining its operation and compliance with French gambling legislation," a spokesperson for the regulator told Bloomberg. A report from the crypto news site The Big Whale said the ANJ is preparing to ban the site for French users.

The increased scrutiny of Polymarket comes after a trader revealed to be a French national bet $30 million on a win for Trump on the platform. The "whale" saw about $48 million in profits on the wagers.

While there was speculation that the bets were an influence campaign aimed at supporting Trump, the trader told The Wall Street Journal that the bets were simply a high-conviction view on the election outcome and that he has no political agenda.

France tightly regulates online betting and requires any new gambling markets to receive authorization from the ANJ in advance.

Polymarket, which is based in New York, is not available to US users, though some bettors have used VPNs to work around the restrictions.

Polymarket garnered nearly $3.7 billion in wagers on the election before the result was called, Polymarket data shows. The site showed strong odds in favor of a Trump win even as he and Kamala Harris were nearly tied in the polls in the weeks leading up to the vote.