The Ledger: US election attracts $100m in bets

From casino launches to successful beta rounds and ongoing regulatory challenges, it’s been a varied week in crypto.

Crypto prediction market Polymarket reported this week that it had seen as much as $100m worth of cryptocurrency wagered on the result of the upcoming US presidential election in November so far.

Former President Donald Trump seems to be the favorite to win with the bettors although polling suggests he and Biden are pretty much neck and neck at this stage in the race.

This week also saw, popular online streamer Adin Ross reveal staggering estimated losses of more than $40m in cryptocurrency through his gambling activities.

The disclosure came during one of his recent streams on Kick.com, a platform where he is both a streamer and co-owner and which has ties to crypto gambling platform Stake.com.

On Monday, a new player came to the market in the form of Bombastic casino. The launch came amid heightened interest in digital currencies, fuelled by recent market fluctuations and institutional investments. The casino also launches its proprietary Bombastium loyalty token.

Crypto gambling platform Mega Dice Casino went on to announce its expansion of cryptocurrency options, including Bonk and Pepe, aiming to capture the attention of African players with enticing bonuses and diverse gaming opportunities.

While, crypto-powered platform Lucky Block also announced a new era of sports betting had dawned in Africa as it aims to enter the betting scene on the continent.

Invincible GG revealed that the response to its Owner's Club horse racing game had been overwhelmingly positive during the beta launch, with an average of 392 NFT owners playing daily (nearly 80% of Invincible GG's subscription list) and an average price of approximately $1,250 for grade 1 horses in the secondary market.

Elsewhere, non-fungible token mixed martial arts (MMA) game MetaFight introduced an initiative that integrates blockchain technology, allowing fans to directly engage and interact with their beloved athletes.

Finally, the US Securities and Exchange Commission (SEC) was back in the news, with cryptocurrency brokerage Genesis Global Capital agreeing to pay a $21m civil penalty in relation to its Gemini Earn lending program.

The regulator has also confirmed it is investigating the classification of Ethereum following subpoenas sent to several companies involved with the Ethereum Foundation, raising questions about whether Ethereum should be considered a security.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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