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French watchdog probes Polymarket, where trader won big on Trump bet

Published 11/07/2024, 10:28 AM
Updated 11/07/2024, 10:32 AM
© Reuters. FILE PHOTO: Republican presidential nominee former U.S. President Donald Trump is joined onstage by his wife Melania at his election night rally at the Palm Beach County Convention Center in West Palm Beach, Florida, U.S., November 6, 2024. REUTERS/Brian

PARIS (Reuters) - France's gambling regulator said on Thursday it was examining whether Polymarket, the platform where a French trader placed a successful multi-million dollar bet on Donald Trump winning the U.S. presidential election, complies with French laws.

"We are currently examining its operation as well as its compliance with French legislation on gambling," ANJ spokesperson Elsa Trochet-Mace said in an emailed statement.

Polymarket declined to comment.

The offshore crypto-fuelled exchange said last month that a mysterious trader who had placed multiple bets on a Trump victory was a French national.

© Reuters. FILE PHOTO: Republican presidential nominee former U.S. President Donald Trump is joined onstage by his wife Melania at his election night rally at the Palm Beach County Convention Center in West Palm Beach, Florida, U.S., November 6, 2024. REUTERS/Brian Snyder/File Photo

At the time, Polymarket said it had investigated the individual, who had extensive trading experience and a financial services background. It concluded that the trader was making bets based on "personal views of the election".

It said it had not found any information to suggest that the user manipulated, or attempted to manipulate, the market.

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