Regulators Target Polymarket's $48M Trump Betting Success
TL;DR Summary
French regulators are considering banning the crypto betting site Polymarket after an anonymous trader, known as the 'Trump Whale,' made nearly $50 million betting on Donald Trump's election victory. The trader, a wealthy Frenchman, used multiple accounts and commissioned polls to inform his bets. Despite Polymarket's U.S. base, only non-U.S. users can bet due to regulatory settlements, but French authorities are scrutinizing the site for compliance with local gambling laws. Users can bypass restrictions using VPNs, complicating enforcement efforts.
- The Polymarket 'Trump Whale' made almost $50 million betting on the election. Regulators are closing in Quartz
- Polymarket’s French Whale Scores a $48 Million Trump Jackpot Bloomberg
- How the Trump Whale Correctly Called the Election The Wall Street Journal
- French regulator probes Peter Thiel-backed betting platform POLITICO Europe
- Polymarket ‘whale’ who bet big on Trump win raked in $48M in profits New York Post
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