On one hand, we have the exciting world of horse racing that gives off that retro vibe, and on the other hand, we have the newly introduced Blockchain technology that promises to revolutionize the world of finance.
You are probably wondering, what’s the connection between cryptocurrencies as a byproduct of Blockchain technology and horse racing? After all, they don’t share many similarities, and horse racing isn’t a sport wrapped in technology, right?
Wrong. Many people don’t know that horse racing is actually one of the most advancing sports in terms of technology use. On top of that, it is also quite open to new ideas and quickly adapts to certain trends.
Why? We don’t know. Maybe it is because races all around the world act individually and there isn’t a global horse racing league that limits the advancements of the sport.
But what about crypto? How can digital currencies change the future trajectory of the sport? Will it bring something new to the table?
Let’s find out.
Crypto-Infused Betting
We start with an obvious one, betting. It is one of the biggest pillars of the horse racing industry and it is safe to say that the sport wouldn’t be the same without it. So, if crypto can revolutionize horse racing betting, it already revolutionized most of the sport.
Horse racing betting has always been a cash-heavy affair where physical bookies dominate the space. But these days are now gone thanks to digitalization and we’ve moved on toward an online alternative. However, this alternative already has another fork in terms of crypto betting.
This is a technology that revolutionized how we place horse racing bets. Maybe the process is similar, but there are many benefits that come from this fusion.
You still need to find an online bookmaker, research the top picks about the race, and place a bet, but with crypto this time.
Since researching is a big part of horse racing betting, check out the Saratoga Racecourse top picks here: twinspires.com/race-tracks/saratoga/
Have you noticed that crypto betting platforms are popping up like mushrooms after rain? Why? Because they promise faster transactions, lower fees, and a level of anonymity that traditional betting can’t offer.
No wonder why bettors love them so much. On top of that, crypto has made horse racing betting more available to the entire world. This might sound strange if you live in the USA, but some people didn’t have access to online horse racing bookies, and those that were accessible had limited betting options.
This has to do with geo-restrictions, the popularity of the sport in the region, banking limitations, and much more. But cryptocurrencies have removed all these problems and made horse racing betting accessible from every corner of the world.
Ownership Made Accessible
Horse ownership used to be a rich man’s game, but cryptocurrency is democratizing the experience. Enterprising platforms are now offering fractional ownership of racehorses through digital tokens. Take Cryptojock, for example. This platform allows users to buy tokens that represent ownership shares in a racehorse.
How It Works
- Buy Tokens: You purchase a token, becoming part-owner of a racehorse. It’s like buying a share of Apple but with more oats and jockeys involved.
- Earn Rewards: As the horse races and (hopefully) wins, you earn a portion of the prize money based on your share.
- Liquidity: When you’re done horsing around, you can sell your token, hopefully for a profit if your horse has been successful.
Nowadays, there are many different companies that offer fractional shares of real-world racehorses. They are also infused with some crypto magic, just to make the process more legitimate, safer, and automated.
Thanks to smart contracts, we can all become racehorse owners even by investing as little as $100 and receive payments as the horse wins more races. The prize purses will be evenly distributed among all owners (based on percentage), and since the process is on the blockchain, you can see all the costs that went to the horse.
NFTs: Not Just for Art Anymore
NFTs, or non-fungible tokens, have mostly been associated with digital art and collectibles. But now, they’re trotting into the horse racing world. Platforms like Game of Silks allow users to purchase NFTs linked to real-world racehorses.
NFT Integration
- Unique Ownership: Each NFT is unique and tied to a specific horse. Owners can track their horse’s real-world performance, adding a new layer of engagement and excitement.
- Monetary Incentives: NFT holders can earn rewards based on their horse’s success on the track, creating a tangible link between the digital and physical worlds.
Game of Silks raised over $10 million since its inception, indicating strong interest in this novel approach to horse racing.
Global Betting Pools and Crypto
One exciting prospect is the creation of global betting pools using cryptocurrency. Imagine placing a bet in a pool not limited by geographical boundaries. Crypto can enable seamless international betting pools, enhancing the excitement and competitiveness of the sport.
Challenges to Consider
- Regulation: Navigating the legal landscape of crypto betting can be tricky, as regulations vary widely by country and jurisdiction.
- Volatility: Cryptocurrencies are known for their price volatility, which can be a double-edged sword for both bettors and platform operators.
