French gambling authorities are investigating Polymarket, the cryptocurrency betting platform where a French trader won nearly $50 million wagering on Donald Trump’s presidential victory.

“We are currently examining its operation as well as its compliance with French legislation on gambling,” said ANJ spokesperson Elsa Trochet-Mace in a statement Thursday. The platform, which requires authorization to operate in France, had been under regulators’ scrutiny even before the US election, according to an official familiar with the investigation.

The probe follows reports that a French trader placed millions in bets on Trump’s victory using four different accounts. Polymarket previously said it investigated the trader, who has extensive financial services experience, and found no evidence of market manipulation. The platform maintained the bets reflected the user’s “personal views of the election.”

Backed by Peter Thiel’s Founders Fund in a $45 million investment round, Polymarket allows users to bet with cryptocurrency on high-profile events. While most forecasts viewed the Trump-Harris race as close, Polymarket’s odds favored Trump.

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