France cracks down on illegal prediction markets amid addiction fears
France's gambling regulator, the Autorité Nationale des Jeux (ANJ), has raised alarms over the growing use of prediction market platforms, which handle billions in trades and are gaining popularity despite being classified as illegal gambling under French law. The ANJ has now warned consumers about the risks they pose.
The ANJ singled out platforms like Kalshi and Polymarket as major operators in the sector. While exact user numbers in France remain unclear, the regulator stressed that such sites mislead participants by framing trades as 'investments', creating a false sense of security around what are essentially high-risk bets.
The ANJ also highlighted the lack of proper safeguards on these platforms, which can trap users in addictive cycles, mirroring the harms seen in traditional gambling. French law does not recognize prediction markets as legal, treating them instead as unauthorised gambling activities.
Regulators have warned that the financial and psychological risks for users are substantial. Without oversight, the potential for exploitation and addiction remains unchecked.
The ANJ's warning underscores the legal and personal dangers tied to prediction markets. These platforms continue to operate in a grey area, leaving French consumers exposed to financial losses and addictive behaviours. Authorities have reiterated that participation remains prohibited under current gambling laws.
