France’s gambling regulator is close to banning Polymarket for offering unlicensed betting on politics. [Image: Shutterstock.com]

France’s gambling regulator ANJ is reportedly considering banning prediction site Polymarket after it gained a lot of attention during the recent US presidential election. This unlicensed platform handled massive volumes of bets worldwide, with its payout on a Donald Trump victory set to reach $450m.

Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”

ANJ claims the US-based Polymarket is offering services to people in the country without a proper license. Talking about how the company tries to present itself as a prediction platform rather than a betting site, CoinGape referenced an ANJ insider saying: “Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”

A Polymarket user that captured headlines recently and put the platform in ANJ’s sights was a French trader named “Theo,” who bet about $40m on Trump winning the election, paying out up to $80m. In an interview with the Wall Street Journal, Theo rejected claims he was trying to manipulate the market, simply saying he thought Trump was the likely winner.