Trump Whale made nearly $50 million betting on the election. Regulators are approaching

French regulators are considering banning cryptocurrency betting site Polymarket after an anonymous trader bet nearly $50 million on Donald Trump winning the presidential election.

“Trump Keith”, a mysterious merchant who identified himself as “Theo” when speaking with Wall Street Journalplaced more than $30 million in bets on the election through four anonymous accounts. They described themselves as a wealthy Frenchman who previously worked as a trader for several banks, according to The Journal.

Teo cited a series of September neighborhood polls—polls that asked respondents who they thought their neighbor would vote for—that showed support for Vice President Kamala Harris was lower than when respondents were asked who they will vote. They also commissioned their own polls using an unnamed major public opinion poll that showed results that were “strikingly in favor of Trump,” The Journal reported.

Although Theo has been successful, Polymarket’s over-hyping of the 2024 elections is drawing scrutiny in France, where online gambling is heavily regulated. Total users around the world placed bets $3.2 billion about whether Trump or Harris will win the election.

Big Whale on Wednesday reported that the French Autorité Nationale des Jeux (ANJ) is preparing to ban the site for French users, citing a source close to the agency.

“We are aware of this site and are currently reviewing its operation and compliance with French gambling legislation,” an ANJ spokesperson said. told Bloomberg News on Thursday.

Although Polymarket is based in the USA, only users outside the country can place bets on the site after 2022 settlement with the Commodity Futures Trading Commission. Other betting markets such as Kalshi and Robinhoodbegan allowing contracts for local elections after a court victory in September.

However, it is not difficult to avoid local restrictions on access to Polymarket. All you need to do is use a virtual private network, or VPN, which is relatively easy to access. Not to mention the numerous online tutorials explaining how to get around Polymarket rules.

For the latest news, Facebook, Twitter And Instagram.