Polymarket Updates in Wake of American Election

With all the news surrounding Polymarket following the American election, we look at statements from its CEO and the French government's next steps.

Andrew Reid

Last updated: November 8, 2024 2:24 PM EST • 2 min read

Donald Trump holds hands with wife Melania as we look at the news surrounding Polymarket. — Donald Trump holds hands with wife Melania at his Election Night Watch Party after being elected the 47th President of the United States. Photo by: Damon Higgins/PALM BEACH DAILY NEWS/USA TODAY NETWORK via Imagn Images.

Our best sports betting sites didn't accept wagers on the recent American Election, but there were options for crafty bettors to get money down on a variety of results, including the outright winner and the candidate to emerge with the popular vote.

One such outlet for those looking to profit from their predictions was Polymarket, which describes itself as "...the world's largest prediction market" where you can "trade on the world's most highly-debated topics like crypto, politics, sports, current events, and more."

The prediction website was home to one of the largest wagers on the election, with a French bettor profiting just shy of $50 million after U.S. President Elect Donald Trump's victory.

CEO Speaks

CEO Shayne Coplan spoke with CNBC's "Squawk Box" host Andrew Ross Sorkin on Thursday, making his first comments in the wake of the election. Despite polls making the election look tight, the website saw things differently, and Coplan envisions that as a shift in how election polls may be viewed.

“On Polymarket it looked like a done deal, and if you were just watching TV, you would think it’s neck and neck," Coplan said.

“This is a complete shift in the Overton window," he added, also noting that it's "an inflection point in news and politics.”

American residents haven't been able to use the website since it shut down its U.S. operations in 2022, paying a $1.4 million penalty to the Commodity Futures Trading Commission for failing to register.

Coplan hoped that might change, telling Sorkin that he felt the company was "in the position to be aggressive around expansion."

Status in France

However, it hasn't been all positive news, especially in France.

The French National Gaming Authority is investigating the platform following all the bluster of the $50-million profit.

Polymarket isn't authorized to operate in the country, and it had already been in the crosshairs of French regulators.

"We are familiar with this site and are currently examining its operation and compliance with France's legislation on gambling," a spokesperson for the National Gaming Authority told POLITICO.

There's four years until the next U.S. election rolls around, so we could see lots of changes to the election prediction markets in that time frame.

Written By:
Andrew Reid

Andrew is a Publishing Editor at Sportsbook Review. He graduated from Acadia University with a degree in Kinesiology, working as a personal trainer and in injury rehab, and then attended the College of Sports Media in Toronto to attain a diploma in Radio and Television Sports Broadcasting. Andrew has been involved in the sports betting and fantasy sports space since joining the FNTSY Sports Network in 2014, where he worked as a producer, director, and occasional on-air talent on various shows focusing on sports betting and DFS content. Prior to joining SBR, he spent multiple years with the USA Today Network as an editor and writer. Living in Newfoundland, Andrew frequents grey market sportsbooks, but in the past, when he's lived in regulated areas, he's become well-versed with all of our best sportsbooks. As strictly a casual bettor, he enjoys making touchdown parlays with friends (bro-lays), sweating out golf cut parlays during majors, playing same-game parlays for fun, and chasing long-shot bets. He also enjoys using sportsbooks that have solid iGaming and casino platforms. As the old guy on staff, he has an affinity for industry news, which confuses some, but shh ... quiet ... the news is on.