Key facts
- Polymarket will initiate legal action in France against the National Gambling Authority (ANJ).
- The ANJ previously stated that Polymarket's services may pose significant wagering risks to users.
- The French regulator also expressed concerns regarding certain prediction market contracts offered on Polymarket.
- Polymarket confirmed its intention to challenge the website blocking decision through the legal process in France.
- Rival platform Kalshi is also facing regulatory scrutiny in Europe and the U.S.
Polymarket is preparing to take legal action against French authorities after its website was blocked by regulators. The French National Gambling Authority (ANJ) issued a directive to internet service providers to restrict access to the platform, citing concerns over wagering risks and specific prediction contracts offered.
Polymarket confirmed its intention to challenge the ANJ's decision in court in France. The company stated it was disappointed by the "sudden decision to unilaterally block our website." This action by France follows a broader trend of regulatory pressure on event-based betting and prediction market sites across Europe and in the U.S.
Spanish authorities had previously temporarily banned both Polymarket and its competitor Kalshi in May. The upcoming legal challenge in France is seen as a significant test for the country's regulatory model for prediction markets. The U.S. has also been increasing scrutiny, with the CFTC issuing draft regulations for prediction markets despite generally backing these platforms.