Thanks to technology, the horse racing betting market has advanced to a point where we can sit at home and bet on our favorite horses using non-traditional currencies. With the rise in popularity of cryptocurrencies, many bookies started considering creating a platform where bettors can place bets using cryptocurrencies like Bitcoin, Ethereum, or others.
Even though the crypto-trend pushed many people to get involved with this new technology, there are still many people that don’t understand this technology.
So, if you are wondering what are the benefits of betting with Bitcoin, and all the things to consider, make sure to read along, as we will reveal if Bitcoin betting is actually worth your time.
What is Bitcoin Horse Betting?
Bitcoin horse racing betting is just traditional betting, but instead of using FIAT currencies like USD and EUR, you’d use Bitcoin to process your transactions, place bets, and withdraw funds.
Crypto gambling is completely anonymous because the transactions are not linked to the player’s identity. With that said, the crypto-betting website gives you a sign-up form where you’d place some personal information.
If you are new to horse racing, we recommend TwinSpires guide on how to read a horse racing program so you can get familiar with the sport before even considering using Bitcoin on your bets.
How to Bet With Bitcoin on Horse Races?
Well, the process is actually very simple. The first thing you need to do is find a sportsbook that offers Bitcoin betting. Fortunately, with the rise of the crypto-trend, there are many sportsbooks that offer crypto betting, and finding one is quite straightforward.
The only thing you need to pay attention to is the type of sportsbook. There are two types of Bitcoin sportsbooks. Most of them allow Bitcoin transactions and also Bitcoin betting, while others allow Bitcoin transactions but your Deposits and Withdrawals are converted into fiat.
Once you register an account at a sportsbook that offers Bitcoin betting, it is time to fund the account. In order to do that, you have to find a crypto broker company that sells Bitcoin. You cannot buy Bitcoin from the sportsbook website.
You must register an account and open up a digital wallet at a crypto-trading website, and purchase some Bitcoin. Once you’ve secured some bitcoin in your wallet, you can transfer that bitcoin and deposit it in your betting account using your wallet address.
Benefits of Betting with Bitcoin on Horse Racing
One of the biggest benefits of cryptocurrencies, including Bitcoin, is that there isn’t a free-day or long transaction where you should wait a couple of days in order to get your funds in your account. With Bitcoin, transactions usually take around 20 minutes or less depending on how busy is the network.
You are In Charge
The biggest problem with fiat deposits is that they are regulated by local governments and banks. This doesn’t give you enough freedom to do whatever you want. On the other hand with Bitcoin, you are the banker and you hold all the lines when it comes to controlling your money.
Even though some countries have already regulated cryptocurrencies, they are still easier than trading with fiat forms of payment.
Bitcoin is powered by virtually unhackable Blockchain technology. On top of that, there is no personal information found on your wallet or every digital transaction. The Blockchain only records the wallet address and nothing more.
This is why cryptocurrencies like Bitcoin are considered one of the safest payment methods.
Rise in Value
When it comes to betting, the best thing when using a Bitcoin sportsbook is that the total value of your funds might increase over time, as the market price of Bitcoin changes. The last year was pretty incredible for all cryptocurrencies and big names like Bitcoin and Ethereum almost doubled their value.
As the market value rises, so will the value of your funds in your wallet.
The best thing about Bitcoin is that it is a universal currency that is accepted in every part of the world. This means that once you withdraw your funds, you can use Bitcoin to purchase anything you like or transform them into fiat currency within minutes.