Horse racing continues to be one of the most popular sports to bet on in the United States, and in many other countries too. There is an extremely long history of horse racing, and this is a hobby that people have engaged with for hundreds of years.
You may now be imagining the old-fashioned race meets where people needed to attend in person. Globally, huge events—including the Kentucky Derby and the Grand National—are among the big meets, and there are millions who follow what happens at these events.
In the last 20 to 30 years, there has been a revolution in the way people bet on all sports, as well as the way people follow the pastime of horse racing. There was a time when people could only dream of things like streaming live on their phones, but this has changed and evolved to the point where people can easily watch horse racing events and follow the form.
A Modern World of Horse Betting
It is worth looking at the world of horse betting if we want to fully understand some of the shifts that are taking place.
People are looking for the best crypto sportsbooks more and more as they are trying to understand the options available to them and the way in which they might be able to bet in a more efficient way. There are benefits of crypto (more on this later in the article), due to many technological advancements. Crypto has been around for roughly 15 years now, and this has given it time to work its way into certain industries.
The betting industry was one of the fastest to embrace crypto and has proven to be an industry where there are a lot of people who are tech-savvy and have a real interest in using the latest tech innovations. It is these leaps forward that brought us things like live streaming and mobile gambling.
Now, betting on horse racing often involves using a device such as a phone, and this can make it even easier to make payments. Though some sites have gone down the route of allowing players to use Google Pay and Apple Pay, there are examples of sites where digital wallets and crypto are the most common options. Crypto sites, including betting sites and full casinos, cropped up when people started using Bitcoin and other modern payment methods.
Horse racing has also grown as an industry in this time. After a bit of a dip, revenue in the UK is now growing and we’re seeing a similar trend elsewhere around the world.
Why People Opt for Crypto
So, what is happening in the world of cryptocurrencies and why are people opting for this as a payment method? It isn’t just about being tech-savvy and understanding the very latest in the industry, it is also about some of the massive benefits that crypto can have for certain uses.
Transparency
Blockchain technology runs all cryptocurrency transactions, providing a transparent and tamper-proof record of exchanges. This feature reduces the risk of fraud or chargebacks, which are common concerns with traditional payment methods. Horse racing bettors can trust that their funds will reach the betting platform without the interference of third parties (they also don’t have to wait for approvals).
The security of blockchain networks ensures that transactions are also almost impossible to alter after the event itself. For bettors, this means they have more confidence in the fairness of their financial interactions.
Speed of Transactions and Gambling
Horse racing fans don’t want to wait a long time for their bets to be placed or for their funds to be available. The efficiency of cryptocurrency transactions is another major draw. Deposits and withdrawals using traditional banking systems often involve delays, particularly for international bettors. Bank wires and credit card settlements can take days to process and take longer during weekends or holidays.
Cryptocurrencies operate on decentralized networks, which means faster transaction times. Bettors can fund their accounts almost instantly and withdraw their winnings without waiting for bank processing. This speed is particularly advantageous in horse race betting, where timing can be crucial, especially for last-minute wagers.
Borderless Transactions
Horse racing is already a global sport. There are popular events as far afield as Australia, as well as some of the most viewed events taking place in countries that surprise people who are new to horse racing.
Betting on sports isn’t only possible in the countries where they are taking place, however it helps to have a global option. Cryptocurrencies eliminate the barriers of geography. Traditional payment methods often face limitations when crossing borders due to differences in banking systems. Crypto wallets are accessible to anyone with an internet connection, allowing people from underbanked or unbanked regions to participate. This global accessibility has made cryptocurrencies a good choice for expanding the audience of horse racing betting.
Privacy and Anonymity
Nobody wants to share all their details with lots of sites online, and data breaches do pose a threat to people. One of the main reasons people opt for cryptocurrencies in horse race betting is the privacy they offer. Traditional payment systems, like credit cards and bank transfers, leave a digital trail. Cryptocurrencies like Bitcoin and Ethereum, however, operate on decentralized blockchain networks. Transactions involve wallet addresses rather than personal data, which means bettors get a level of anonymity not typically found in the more old-school financial systems.
For individuals who value discretion and simply want the security of being private, this is a decent option.
Conclusion
Horse racing betting is now giving people more options than they have ever had before in terms of how they want to bet. As well as there being more coverage of events and more markets, there are more options regarding how to deposit into an account. Big companies are now thinking more about the role crypto will play in the future.
