France’s National Gambling Authority (ANJ) has announced an investigation into the activities of the prediction platform Polymarket to evaluate its compliance with French gambling laws, according to The Big Whale.

The investigation was sparked by a substantial bet made by a French trader using the pseudonym Theo4, who wagered over $30 million on Donald Trump winning the U.S. presidential election. According to Polymarket, the net profit from this bet amounted to approximately $19 million.

“Even though Polymarket uses cryptocurrencies, it remains a betting activity, which is illegal in France,” a source close to ANJ stated.

Experts suggest that the regulator may block Polymarket’s domain in France and pressure third-party companies that facilitate the platform’s access to the French market.

“This especially concerns media outlets that may have linked to Polymarket or included it in gaming directories,” they added.

The report notes that geoblocking can potentially be bypassed using a VPN, as Polymarket does not require identity verification during registration.

Activity on Polymarket has surged in the run-up to the U.S. presidential elections. Total bets on this event have exceeded $3.2 billion, with daily trading volume peaking at $294 million on November 5, according to data from Dune Analytics.