Polymarket has vowed to fight the French gambling regulator’s block of its platform.
The New York firm argues that the Autorité Nationale des Jeux’s (ANJ) block against its French online presence “targets people going to Playmarket purely for information, not to trade”.
Polymarket is adamant that “most people come to Polymarket solely to learn the probability of future events relevant to their everyday life with no intention to trade” and that “prediction markets help source truth”.
“We are disappointed by the French gaming authority’s sudden decision to unilaterally block our website – we intend to challenge this decision through the legal process in France,” Polymarket’s statement reads.
“Although we disagree with the ANJ’s action, France has demonstrated a strong commitment to financial and technological innovation, and our recent discussions with French authorities have been constructive and encouraging.
“We will continue these productive conversations because we believe in a future built on innovation.”
Polymarket v France
The ANJ’s outright block against Polymarket followed a 2024 block on financial transactions to the platform.
This prevented users from depositing into accounts and making trades, but enabled them to continue viewing the site and the activity on it.
Polymarket is adamant that it has complied with 2024 transactions block, but has continued allowing French users to access its platform as an “information source”.
Prediction markets have evolved in recent years, partly as a result of regulatory pressure but also due to the increasing use of the platforms as opinion polls – reflected in media partnerships such as Kalshi’s deal with CNN.
The firm added that despite the block and its plans to legally challenge the ANJ, it wants to “engage constructively” with French authorities and is working with the cybercrime unit of the Paris Public Prosecutor’s Office.
“Polymarket remains committed to operating in a manner that meets applicable regulatory expectations while preserving the benefits of prediction markets for its users,” its statement continued.
The company should not be overly surprised with the scrutiny it is facing in France given the ANJ’s criticism of prediction markets over the past year.
The regulator made its position that prediction markets are a form of illegal gambling crystal clear way back in February.
Polymarket – which runs a global predictions platform based on the Polygon blockchain with transactions conducted via the US dollar pegged USDC stablecoin – is no stranger to regulatory confrontation.
The firm has already been blocked by Portugal, Romania, Italy, Belgium, the Netherlands and Ukraine, to name a few examples in Europe, while also facing regulatory pressure in Singapore and South Korea.
It was also exiled from its home nation of the US between 2022-2025, but was able to return as the Commodity Futures Trading Commission (CFTC) stance on prediction markets eased up during the second Trump administration, enabling its return last year.
However, the regulatory picture around prediction markets took a different trajectory this month. Although Polymarket is still banned in Gibraltar, the British Overseas Territory has become the first jurisdiction in the world to launch a dedicated regulatory regime for prediction markets, distinct from its existing gambling legislation.
This suggests a gradual change in attitude towards the products – at least in Gibraltar, which, despite its small size and population, has significant sway in the worlds of finance and gambling. Nonetheless, platforms like Polymarket continue to find themselves embroiled in controversy.
Posh George and Polymarket
George Cottrell is a British financier, political activist and a convicted fraudster with a criminal record for wire fraud in the US.
Known as ‘Posh George’ due to his privileged background, the financier’s name has been the subject of coverage from the British press over the last few weeks, largely due to his financial support for Reform UK leader Nigel Farage, having reportedly paid for the former Clacton MP’s accommodation and security costs in 2024.
Farage’s finances have been thrust into the spotlight in recent weeks due.
He recently stepped down as the MP for Clacton following the news that he had received, and not declared, a £5m crypto gift from billionaire Christopher Harborne, who holds a stake in Tether Limited – the firm behind the Tether stablecoin.
Separately, police investigations are also underway into a £500,000 donation to Reform UK made by George Cottrell’s mother, Fiona. The financier’s name is firmly at the heart of media coverage of a crucial point in Farage’s political career.
Polymarket has now found its name thrown into the headlines around Farage and Cottrell.
In October 2024 over $8m was deposited into an account on Polymarket registered as “GCottrell93” from two different crypto wallets.
This money was used to trade on the outcome of the 2024 US presidential election, predicting a Donald Trump win. The winnings were then sent to two different wallets.
This has led to questions being raised in UK media about the sources of Cottrell’s money.
While Polymarket is not being accused of involvement in political corruption or financial irregularity with respect to Farage’s finances, the mention of its name in the same headlines is hardly great PR for the firm.
There is no doubt that despite support from the CFTC in the US and some regulatory adjustments elsewhere, chiefly Gibraltar, prediction markets will remain a controversial business for the foreseeable future.
Despite extensive scrutiny, prediction markets continue to gain ground. Polymarket and Kalshi are valued at $15bn and $22bn respectively, with the latter eyeing a valuation of $40bn alongside a potential IPO.
