- France’s gambling regulator ordered ISPs to block Polymarket for offering unauthorized betting services.
- Authorities cited gambling losses, insider information concerns, and potential market manipulation risks.
- The move reflects growing global regulatory scrutiny of prediction market platforms like Polymarket and Kalshi.
France has moved to block access to Polymarket after the country’s National Gambling Authority (ANJ) ordered internet service providers to restrict the platform on July 16. According to Reuters, the regulator said Polymarket offers unauthorized gambling services, exposes users to significant losses, and operates markets that could face manipulation risks. The order was announced by ANJ on Friday.
Regulator Cites Gambling and Manipulation Concerns
According to ANJ, Polymarket attracts a large audience while offering gambling and betting services that do not comply with French law. Therefore, the regulator directed internet service providers to block access to the website.
A spokesperson told Reuters the restriction will remain in place until authorities determine the platform complies with France’s gambling regulations. However, Polymarket did not immediately respond to Reuters’ request for comment.
The regulator also raised concerns about specific prediction markets. Notably, it cited weather-related wagers and said some participants may have relied on insider information when placing bets.
ANJ added that certain markets could expose users to significant gambling losses. It also warned that some contracts may carry manipulation risks.
Oversight Expands Across Prediction Markets
The French action follows similar regulatory measures in other jurisdictions. According to Reuters, Spain temporarily blocked Polymarket and rival Kalshi from operating in May.
Meanwhile, the U.S. Commodity Futures Trading Commission released draft regulations for the prediction markets industry in June. The proposal marked another step in expanding oversight of the sector.
Polymarket and Kalshi allow users to trade contracts tied to sports, elections, weather, and geopolitical events, including the wars in Iran and Ukraine.
Reuters Details Industry Growth
Reuters reported that lawmakers have increasingly questioned prediction market contracts that lack a clear economic purpose. They have also called for tighter oversight of products they consider harmful to the public interest.
The report added that regulators continue reviewing how these platforms operate under existing gambling and financial rules. As scrutiny grows, authorities have expanded their focus across multiple jurisdictions.
Separately, Reuters reported last month, citing a source familiar with the matter, that Polymarket’s annualized revenue has surpassed $1 billion. The source did not provide additional financial details.
