The Q3 data
ANJ's quarterly report, published 3 November, estimates €512 million in French-origin deposits flowed through crypto rails to offshore gambling operators in Q3 2026. That figure is up 38% quarter on quarter and 164% year on year. The regulator reached the number by triangulating on-chain analysis with French bank reporting on crypto on-ramps.
The offshore destinations break down to roughly 58% Curacao-licensed, 24% Anjouan-licensed and 18% a mix of smaller jurisdictions. The vast majority of flows are USDT and USDC, with a small Bitcoin tail and a near-zero share for Ethereum once gas costs are netted.
Political reactions
The report landed in a sensitive week. Three Senate committees had already scheduled hearings on online gambling enforcement for mid-November, and the Minister of the Economy publicly acknowledged the €512 million figure as 'clearly outside the French regulatory perimeter' in a 4 November press briefing.
The ANJ president told Les Echos the data demonstrates 'the limits of civil enforcement against operators physically outside French territory.' The implication, confirmed to us separately by two sources inside the Ministry, is that the Ministry is drafting a bill to criminalise the facilitation of offshore gambling payments on French soil.
What the proposed bill would actually do
The draft, which Flinke has seen in outline, targets three categories of facilitator. First, crypto exchanges and on-ramps that knowingly process French user conversions into stablecoins routed to flagged gambling wallets. Second, VPN providers marketed specifically for circumventing French gambling blocks. Third, payment aggregators providing fiat gateway services to offshore operators.
Player-level conduct is explicitly not criminalised. A French player who deposits at Stake or any other offshore brand would face no criminal exposure under the current draft, though the civil position remains that such activity is outside French consumer law. The focus is squarely on the facilitating infrastructure.
How this changes our test method
We test French and offshore brands the same way we test everywhere else: real-money deposits and timed withdrawals. Our French desk lead, Lucas, uses Revolut and Qonto fiat rails for ANJ-licensed tests. For offshore brands relevant to French audiences, we have used a mix of crypto rails and international fiat cards.
If the bill becomes law in the form currently drafted, exchange-level facilitation enforcement could make the crypto leg of our offshore testing more friction-heavy, though the testing itself remains lawful for the test subject. We are already in conversation with our compliance counsel about what, if anything, would change in the way we document crypto deposits from France.
What ANJ actually does today
ANJ already runs a blocklist, issues cease-and-desist notices to payment processors with a French nexus, and works with the Autorité des Marchés Financiers on crypto-specific enforcement. The gap the Ministry is trying to close is operators and facilitators physically located outside France, where ANJ has no direct jurisdiction and extradition mechanisms are slow.
An ANJ spokesperson told Flinke the authority is 'not seeking to criminalise players, who are often victims of aggressive offshore marketing.' The spokesperson added that any new regime would include an enhanced self-exclusion pathway for French players already exposed offshore.
Timeline and risk
The Ministry has signalled an early 2027 presentation to Parliament, with ambition for passage before the summer. That timeline is tight for a bill of this complexity and will meet resistance from the crypto industry, which has argued consistently that gambling enforcement should sit on the operator side, not the payment-rail side.
For French players reading our market coverage, the practical takeaway is that the regulatory environment is going to get tighter before it gets looser. ANJ-licensed options, with their fast payouts and clear consumer protection, are structurally advantaged by the direction of travel.
Frequently asked questions
Is it illegal to use an offshore casino from France?
Not for the player, under either current law or the drafted bill. Civil enforcement focuses on operators and facilitators. The drafted bill adds criminal exposure for payment facilitators, not for players.
How big is the offshore market in French gambling?
ANJ's Q3 2026 estimate is €512 million in French-origin offshore deposits, up 164% year on year. The bulk routes through Curacao and Anjouan-licensed operators via USDT and USDC.
Will French crypto exchanges be forced to block gambling payments?
If the draft bill passes as currently written, exchanges with French user relationships would face criminal exposure for knowingly processing conversions to flagged gambling wallets.
Does this affect ANJ-licensed sites?
Not directly. ANJ-licensed operators already comply with French KYC, AML and limit rules. The bill targets offshore flows, not the licensed domestic market.
Olivia Clarke
Olivia Clarke runs Flinke's UK and Ireland desk and edits the newsroom. Nine years deep in the regulated British market, she tests every operator we rank by signing up as any player would, running real deposits through the cashier, and timing withdrawals from click to cleared funds.
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