Just because we live a fast life constantly chasing something new and more advanced, we forget the leap we made in terms of technological innovations in the past decade.
Nowadays, everything is going digital, including sports!
When it comes to digitalization, the technologies that are responsible for this movement are Blockchain technology and cryptocurrencies. Even though they were first released almost a decade ago, nobody believed in their potential and how they could change the world forever.
Cryptocurrencies had an impact on many different industries, and the betting industry was one of the first to get a major overhaul. The major change was the shift from traditional FIAT currencies to cryptocurrencies.
And with that, we opened the Pandora’s box.
Nowadays, whether you are looking for Breeders’ Cup betting options or want live betting, you can easily find a crypto website that will allow you to bet with digital currencies.
So, how will this technology impact horse racing? Let’s find out.
Transparency and Security
The trust in traditional online casinos started to fade away in the past decade, which is why crypto-betting makes a lot of sense.
For starters, this technology is a lot more transparent and secure than traditional betting just because every transaction is recorded on the blockchain.
This can affect the entire horse racing industry just because crypto-betting might be a way for people to gain trust in the betting process. Since betting is a large part of horse racing, it will immediately make the sport more popular.
Availability
As we mentioned before, horse racing doesn’t have much to offer if we take away the betting process. It’s fun to watch a couple of horses around the track, but the race usually finishes in two minutes and there isn’t a lot to offer to spectators apart from betting.
Nowadays, horse racing betting isn’t available everywhere. These geo-restrictions are giving horse racing a tough time when it comes to growth.
Cryptocurrencies on the other hand don’t care about geo-restrictions, which means that horse racing betting will be available in most parts of the world.
With more bettors in the process, the overall value of the horse racing industry will increase and there will be more races, more participants, and more exciting moments.
Horse Racing is Going Digital
The limits of the crypto and blockchain technology are still not fully explored. We are using a small percentage of the potential of such technologies, which sounds scary.
For instance, blockchain technology isn’t only about powering cryptocurrencies. It is also a technology that enables us to have ownership of digital assets.
This is a game-changer!
You are probably familiar with NFTs (non-fungible tokens) that took the world by storm. Nowadays, there are entire horse racing games built on top of blockchain technology and use the principles of NFTs.
Basically, you can become a digital horse owner, breed horses, race them for crypto, and trade them to make money.
This technology has quite a significant impact on the sport. Apart from getting people interested in horse racing, digital horse racing also opens many new opportunities for the horse racing industry.
For example, there is already a game that allows you to invest in actual real-world horses using cryptocurrencies and earn rewards based on their performance.
Anonymity and Privacy
Another impact of cryptocurrencies on horse racing is by transforming the betting and making it more anonymous and private.
Traditional betting often lacks anonymity, but with cryptocurrencies, nobody would know who you are and what are your moves.
With that said, most countries are still waiting on regulatory requirements and legislation to regulate this technology, but one thing is for sure. Nobody can stop cryptocurrencies since it is a decentralized technology not operated by any entity or organization.
Horse racing will be impacted by the crypto-blockchain technology in a variety of ways, but most of them are positive and can lead to an increase in the popularity of the sport.
