An icon in the shape of a lightning bolt. Impact Link A Polymarket trader who bet tens of millions on Donald Trump's presidential win appears to have raked in a much larger profit than previously known. A new estimate now places that figure at more than $ ...

Key Takeaways Shayne Coplan, the CEO of Polymarket, a blockchain-powered prediction market, said the outcome of Tuesday's election was a "vindication" of the platform's predictive power.Nearly $3.7 billion worth of contracts tied to the outcome of the presidential election were traded on Polymarket this year.

France's gambling regulator said on Thursday it was examining whether Polymarket, the platform where a French trader placed a successful multi-million dollar bet on Donald Trump winning the U.S. presidential election,

France’s gambling regulator is examining the operations of cryptocurrency-based prediction markets platform Polymarket to see if it complies with its rules following a surge in user demand around the US presidential election.

The vast majority of Polymarket users have lost money on the prediction market platform, fueling profits for a small sliver of whales.

The massive gains represent a big swing in profits for the Polymarket bettor, who was sitting on an unrealized loss of $3 million on Monday.

French regulators are eyeing a ban on the crypto betting website Polymarket after an anonymous trader made almost $50 million betting that Donald Trump would win the presidential election.