France has taken definitive action against Polymarket, designating the crypto-based prediction market as an unlawful gambling service nationwide. National authorities emphasized that the platform violates local betting laws and exposes participants to risks like insider trading and market manipulation. This restriction comes even as Polymarket achieves over $1 billion in annualized revenue and faces limitations in more than 33 countries.
The French National Gambling Authority (ANJ) directed internet service providers to cut off access to the website entirely until it fulfills national requirements. Furthermore, the regulator cautioned that broadcasting live betting odds to users within France constitutes illegal promotion, carrying potential penalties reaching €100,000 ($114,000).
French oversight of the platform began following a surge in activity during the late 2024 U.S. elections. Although authorities previously prohibited transactions and restricted local users to view-only access, traffic continued to climb. Statistics revealed that the platform accumulated 578,751 visits from French IP addresses in June alone, pushing regulators to implement a complete blackout.
A primary catalyst for the ban involves serious worries regarding market manipulation and insider trading by wealthy accounts or well-connected participants. Authorities highlighted instances such as a trader known as Fredi9999, who swayed prediction odds with substantial wagers during American political events and pocketed approximately $50 million. Another noted incident involved compromised weather data from Meteo-France, which gave certain participants an unjust edge in weather-linked prediction markets.
France’s crackdown mirrors a wider international trend, as Polymarket lacks domestic gambling permits and faces bans or heavy restrictions in over 33 nations—including Germany, Spain, Italy, Romania, and the Czech Republic. Additionally, other jurisdictions like Spain have temporarily intervened against prediction markets, while regulators in the United States continue evaluating new frameworks for the sector.
