Crypto betting in horse racing: The future of wagering on the digital track

Horse racing is probably one of the oldest sports in the world. It is also a sport that is carefully tied to tradition and heritage, which is why not many people expected horse racing to go digital.

But we are here, and it has been a wild ride. When it comes to horse racing, it is safe to say that the sport wouldn’t be the same without the betting side of things. And if you look through history, betting has undergone many transformations, from being able to place bets only on the racetrack, to digital adaptation and online gambling, and now we are moving to crypto betting.

So, what’s the big deal? Is crypto betting any special?

Well, the rise in demand on crypto gambling sites is enough to prove that crypto gambling comes with additional benefits over traditional online betting. After all, there must be a reason why people are abandoning the good old FIAT gambling methods and moving to a new crypto alternative.

This brings out the question “What does the future hold for the sport of kings?” “Will we see a total transformation towards crypto gambling?”

Well, not really. But FIAT and crypto betting can coexist, just like today. They both come with unique advantages and disadvantages, but we are mainly interested in crypto. So what’s going on?

How crypto betting works in horse racing

Crypto betting in horse racing is actually quite simple. To be honest, it is identical to traditional online betting, with the only difference being in the money/crypto transfer method and wallet funding.

Other than that, you still place a bet on a website online and get paid if your horse wins.

So, how to start with crypto betting? Well, it is quite simple.

The first step is usually the most important one, which is finding a legitimate crypto-betting website. Don’t rush this. You want to pick a legitimate company that is safe to put your money in.

The next step is to buy crypto from a digital exchange. You can read more on how to do that here.

After you’ve bought some crypto, you can transfer the amount to the gambling website, and place a bet. If you are lucky enough to win and make some profits, you can withdraw crypto and send it directly to your hot/cold wallet.

That’s it. You don’t need to be a financial guru to understand this process.

Why bet with crypto?

This is a simple process, but what makes it so different and special that encourages people to convert to crypto gambling? Well, there are a couple of things.

First and most importantly, crypto betting gives people global access to horse racing betting. Remember, not everyone in the world can place a bet on horse racing online due to legal or banking restrictions. But with crypto betting all of these things are solved.

Next, and this is quite a big one, crypto betting usually has lower fees. Yes, you’ve heard that right. Depositing and withdrawing crypto is usually less expensive than traditional currencies like dollars or Euros. Why? Well, there is no middleman like the bank that takes a commission on basically everything.

Lastly, you don’t have to wait for a couple of days to get your money. Did you win a ticket? No problem, you can get your crypto in your wallet in minutes. This is not the case with traditional FIAT where you have to wake for a week and sometimes even more for the bank to process international money transfers.

However, before you do any of that, make sure you learn more about horse racing betting and get good at it. Click here to learn more.

How is crypto changing the horse racing industry?

Horse racing, a centuries-old sport, is surprisingly adaptable. Crypto integration is the next logical step for many platforms. But it’s not just about placing a bet. The real revolution? Smart contracts. Imagine this: you place a bet, and the conditions of the race are programmed into a smart contract. When the race concludes, the contract executes automatically—payouts are instant. No need for middlemen. This is the kind of efficiency crypto brings.

Additionally, we have the rise of digital horse racing games. These are horse racing simulation races that operate on a Random Number Generator. This opens up many new opportunities for the entire industry, and this is something that we all want as horse racing enthusiasts.

With more online betting platforms embracing crypto, there’s been an increase in digital wallets designed specifically for gambling. Some platforms even offer bonuses if you bet using crypto. It’s becoming a lucrative option for both seasoned bettors and newbies alike.

What are the challenges?

Before you think it’s all rainbows and fast transactions, crypto betting isn’t without its challenges. First off, not every country has friendly regulations when it comes to cryptocurrencies. While the tech offers anonymity and global access, governments are catching up, trying to regulate the space. So depending on where you live, you might have limited access to platforms that allow crypto wagering.