It’s been a while since cryptocurrencies were first introduced, and throughout the last couple of years, there have been a lot of ups and downs. But one thing is clear, crypto is here to stay and it is changing industries one by one.
Horse racing is also in the same box. The age-old sport that many people think is outdated and doesn’t have any technology is one of the first ones to introduce Blockchain technology and crypto. Which is quite surprising, right?
But there is a good reason for that. Horse racing as a sport is facing a big issue. The sport has a difficult time attracting the interest of young people, but technology might be the answer.
Maybe that’s the main reason why all of a sudden we see a lot of blockchain and crypto news surrounding the Sport of Kings.
But what’s really going on? What changed in the industry?
Let’s find out.
The Introduction of Cryptocurrency Betting
Betting is quite important in horse racing, and I think it is safe to say that the sport wouldn’t be the same without it. However, traditional betting has its problems, especially in the horse racing industry.
What problems? Well, first of all, I think we can all agree that horse racing is a niche sport. Therefore, placing bets on horse racing events is an option in many places worldwide. Why? Well, local bookmakers where the interest in horse racing is low don’t choose to cover such markets.
This means that many people all over the world don’t have an option to place a bet on horse racing. Well, we’ve already overcome this issue by introducing crypto betting. The idea is simple, there is a global crypto bookmaker that can take bets from every corner in the world.
Plus crypto betting brought many other benefits like faster transactions, transparency, and security.
So, you can sit at your comfy couch in France, and place a bet in the U.S. without any complicated registrations or currency conversions.
Of course, before placing a bet, you need to do your own research. A good place to start is to check out what experts picked as the best horse racing bets for the day: twinspires.com/edge/racing/wagering/best-bets/
This means that crypto completely updated the entire betting process of horse racing, and we’ve finally solved a problem that the sport had for decades.
Blockchain Technology
Although we all think of horse racing betting when we talk about crypto, this is not the only benefit that comes from this technology. In fact, I’d say that blockchain technology is a lot more powerful and can impact the sport on a greater scale.
Blockchain technology already made its way into the horse racing industry. But its use cases vary, quite a lot.
Blockchain technology can solve a couple of problems, such as: introducing a new breeding tracking where each horse can be traced on the blockchain.
Another big deal for the entire horse racing industry is the introduction of fractionalized shares or the ability for people to invest in real racehorses without spending thousands of dollars (yes, this is really a thing).
This means that you can invest as low as $100 in a horse through the blockchain and experience what is like to become a real racehorse owner.
Blockchain can also play an important role in the health and performance sector of the sport. There are many companies already working on technologies and IoT devices that can track data, heart rate, speed, and overall health data in real-time. Just imagine what this thing can do when we pair it with blockchain technology and smart contracts.
So, if you’re a horse owner, you now have access to more detailed data than ever before. The records are immutable—meaning no funny business—and it helps potential buyers or investors trust the authenticity of the information.
The Future of Horse Ownership? NFTs, Of Course!
Yes, you read that right. Horse racing has even dipped its toes into the wild world of NFTs (Non-Fungible Tokens). Some platforms are selling digital representations of racehorses as NFTs, allowing people to “own” or invest in a horse digitally. This opens up a new way for fans and investors to engage with the sport without needing to deal with the insane costs of owning a real horse (the upkeep on a thoroughbred is no joke!).
With NFTs, you don’t have to shell out millions to have a stake in a winning horse. Plus, it’s fun! These virtual assets can even be traded or sold on the open market, similar to how art or other digital assets work. Think about it: it’s like owning a piece of history, except it’s a super-fast racehorse.
A Transparent Future for Horse Breeding
Breeding thoroughbreds is big business, but there’s always been a bit of a shady side to it—information could be manipulated, and verifying a horse’s lineage could be a headache. But with blockchain, the entire process becomes crystal clear.
Every breeding record can be tracked and verified, ensuring that the quality of horses is maintained. This new level of transparency is a game-changer for both breeders and buyers, and it adds a layer of trust that was previously hard to achieve.
What’s Next? Challenges and Opportunities
Of course, with all these innovations come challenges. Crypto isn’t exactly the most stable currency (have you seen the Bitcoin charts?), so there’s always a risk. If you place a bet with Bitcoin and the value drops before you get your payout, you might not be thrilled with your winnings. But on the flip side, it could go up, and you could score big.
There’s also the issue of regulation. Governments around the world are still catching up to how crypto fits into the gambling industry, and horse racing is no exception. Some countries have embraced it, while others are cautiously tiptoeing around the idea. But as the industry continues to adapt, we’re likely to see clearer regulations in place.