After $50 million Trump wager payout, France moves to ban Polymarket betting platform
Polymarket, which received a $45 million investment led by tech billionaire Peter Theil in May, enables high-stakes bets on major events using cryptocurrency.
Many people were pleased to see Donald Trump win the election, including a Frenchman who made almost $50 million by betting on the President's victory. He made the bets on Polymarket, a Peter Thiel-backed platform that allows users to bet on events using crypto. According to new reports, the huge winnings have attracted the attention of French regulators, who are now preparing to ban the site in France.
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billions of dollars worth of bet was made on Trump and a lot of it was through crypto. I think vets with crypto will keep going on. But what if someone bets with crypto, earns it but value drops before claim.
A lot was lost too I imagine.
That is the nature of betting and gambling France is going to lock it down. We need a decentralized version.
We need a Decentralized version ASAP. HOW quick do you think Inleo can do something like this though? Maybe become a good replacement
Polymarket, which received a $45 million investment led by tech billionaire Peter Theil in May, enables high-stakes bets on major events using cryptocurrency. The platform claims that its prediction markets are often more accurate than pundits because they combine news, polls, and expert opinions into a single value that represents the market's view of an event's odds.
Polymarket writes that a huge amount was wagered on the US election: $1.3 billion on Trump to win, $827 million on Harris. In total, users spent $3.2 billion betting on the election.
A user with the account name Fredi9999 was particularly confident that Trump would win. They bet $28 million on the outcome across four different accounts, which shortened Trump's odds of winning on the platform.
Polymarket said last month that it had investigated the trading activity and not found any information that the user behind it "manipulated, or attempted to manipulate, the market."
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