Polymarket's Election Bets Draw Global Scrutiny

Polymarket, a prediction market platform, has gained significant attention during the 2024 U.S. presidential election with a trading volume reaching $3.6 billion, yet most users have incurred losses. The platform was perceived to be more accurate than traditional polls, as it predicted a Trump victory while many polls favored Harris. However, a staggering 86-88% of users have experienced losses, with only a few making profits. French regulators are considering banning Polymarket due to its influence on betting behaviors, especially after a French trader profited significantly by betting on Trump. Despite being banned for U.S. users, Polymarket has used social media influencers to promote its platform, raising concerns about compliance with local regulations. The ads often portray Trump's odds favorably, sometimes misleadingly suggesting these odds as accurate predictions rather than betting outcomes.