As the use of digital coins increases in popularity globally, more businesses are accepting this radical shift. The horseracing industry has embraced the development of technology and incorporated cryptocurrency into its systems.
While hundreds of people make it to physical events, millions more bet online. At the moment, just a handful of companies accept crypto deposits. This is usually in the form of Litecoin, bitcoin and bitcoin cash.
Let’s take a look into various ways that crypto has impacted the casino and betting industry, plus, how it will continue to do so in future.
Technology’s influence on horse racing
Over time, various pieces of technology have changed this sport. Even though horse racing has held on to some of its long traditions, it hasn’t been immune to these modifications. These have become part and parcel of this industry. Here are some of the ways technology has changed this sport.
Horse racing app
Using horse racing apps can make the life of bettors much easier. It can be used to place wagers. Most bookmakers have a program that can be downloaded and installed on mobile devices for free. These are optimized to provide the best mobile experience. Moreover, live streaming is often available.
Online horse racing bets
Online betting is convenient due to the many options that it offers. Individuals can wager on plenty of races worldwide. They can place their bets on the latest odds, and check the latest news or promotional offers.
Crypto betting systems
Cryptocurrency provides security and anonymity when it comes to betting systems. There’s also potential for big winnings as compared to fiat currency. Moreover, some bookies offer better thoroughbred odds with crypto. All these greatly enhance bettors’ chances to profit more from their gambling activities.
How bitcoin is changing the way horse bets are placed
A great shift has happened in the way people bet on horses online. One of the underlying reasons for the use of bitcoin is anonymity. Bettors can wager without disclosing private information. This is as compared to the use of plastic money or bank transfers.
This allows users to bet from anywhere since the transactions are not tied to any geographical region. This is one of the things that will help push crypto to be one of the most preferred payment systems on the Internet.
Customers can enjoy fast transactions when placing bets. It takes only a few minutes to process the cash while depositing or withdrawing. Moreover, the fees charged are smaller, compared to other methods used. Hence, bettors have their winnings instantly credited to their accounts. Other payment methods require at least a day to process transactions.
The credibility of players and operators is enhanced. This is because there are fewer chances of overpayment happening. Plus it helps minimise the chances of rigging through secure gaming.
The future of horse racing with crypto-laced gambling sites
Many organisations are opting to accept payments through bitcoin. Therefore, it’s quite likely that more land and online-based bookmarkers will take this route. What’s more, while bitcoin is widely accepted, it’s quite likely that other coins that include Litecoin, Ethereum etc will follow suit.
Blockchain technology will help to simplify things. It will make it possible to boost the capacity to handle large volumes of data. This will make it easier to place bets and assess outcomes easily. This will provide customers with a large amount of information to evaluate before placing a bet.
There’s still much to be discovered about blockchain technology and how it will affect horse racing. It’s quite likely that crypto will complete or even totally replace traditional payment systems. There’re so many advantages to using it. Therefore, it’s no surprise that the betting world has jumped on board with digital assets too.