Horse racing is one of the oldest sports in the world that cannot be imagined without its betting counterpart. Over the years, bettors have enjoyed the process of analyzing and betting on their favorite horses with a chance to earn a lot of money.
However, horse racing betting needed to go through a rough path to get to this point. At the beginning of the sport and due to technological limitations, people were only allowed to place bets on the racetrack.
When the internet came along, it opened up a possibility for bettors to place bets from all around the world.
So, there were still limitations due to the availability of deposit/withdrawal options. The latest form of gambling is called Crypto-gambling or using popular cryptocurrencies like Bitcoin to place bets on horse races.
Can You Bet on the Kentucky Derby With Bitcoin?
With the huge rise in popularity of cryptocurrencies, it is hard to avoid this fast-moving train even for the big bookmakers. This means that there are plenty of bookmakers that offer betting on the Kentucky Derby with Bitcoin. If you don’t know what is the Kentucky Derby, you can check this article about the history of the race: https://www.twinspires.com/kentuckyderby/history
In fact, according to a report from bitcoin.com, we’ve seen constant increases year after year of bets being made in popular cryptocurrencies like Bitcoin.
Rising Trend of Crypto Betting
Ever since cryptocurrencies disrupted the financial market and reached huge prices, more and more people started to believe that cryptocurrencies are the new fundaments of the future financial market.
This led people to wonder where can we use cryptocurrencies like Bitcoin in the real world for real transactions, and betting was one of the first industries that were taken over by cryptocurrencies.
Nowadays, many betting and gambling websites offer crypto deposits and withdrawals, making it easier for everyone to participate in the program.
The Kentucky Derby is one of the biggest horse races in the world, no wonder why many people prefer it as the “Most Exciting Two-Minutes in Sports”. This increases the popularity of the Kentucky Derby as a betting station, where people pour millions every year.
In fact, we have recorded a constant increase in the total amount wagered on the Kentucky Derby year by year. The record was set in 2019 when the total amount wagered on the Kentucky Derby from all sources reached $250.9 million.
Each year we see an increase in the percentage of Bitcoin and other cryptocurrencies in the total amount wagered on the Kentucky Derby.
Benefits of Using Cryptocurrencies in Betting
- It is decentralized
One of the biggest strengths of cryptocurrencies like Bitcoin is decentralization. In other words, there is no institution, or organization that can interfere with your money ‘freeze’ your account, or control any of the transactions.
- Not Subject to Inflation
Most people use cryptocurrencies like Bitcoin for betting as a store of value. Cryptocurrencies like Bitcoin are not subject to inflation and you can increase your net worth on your total cryptocurrencies without lifting a finger.
Cryptocurrencies make betting more available. Most regions have restrictions when it comes to depositing and withdrawal. Using cryptocurrencies will help you bypass the process and avoid any limitations.
Most people are not aware that with every bank card or credit card transaction, people leave a ridiculous amount of financial and personal information online. Using cryptocurrencies will eliminate most of your traces online since it works on a ‘push’ system.
This way, privacy concerns are front and center with cryptocurrency and people feel safe using this method of transaction.
Bitcoin or other cryptocurrencies are well embedded in the betting system and more and more bookies decide to optimize their platforms for crypto-betting. There are many benefits that come with this new way of betting which is why we see a constant increase of bettors using crypto.
So, if you are a horse racing enthusiast and want to try something different, you can always bet using Bitcoin on popular events like the Kentucky Derby.