How Will The Horse Racing Industry Integrate Crypto
Technology is moving at a fast pace and new and revolutionary tools are invented that are changing many industries, including horse racing.
One of the latest technological advancements that stormed the world was Blockchain technology and cryptocurrencies.
This piece of technology grew significantly in popularity and it is the only ticket to full digitalization of the world.
But how can cryptocurrencies and blockchain technology affect horse racing?
Well, there are plenty of ways this new technology can change the world of horse racing forever, even though we are just learning about its potential.
So, in today’s article, we will take a look at all the different ways that crypto technology will affect horse racing, and highlight what can we expect from the future.
Benefits of Blockchain Technology for Horse Racing
The horse racing industry heavily relies on information. Everything from the horse breed, how many races has the horse participated in, the number of places gained, the odds and much more is very important for both bookies and people interested in betting on horses.
This is where blockchain technology shines. This revolutionary technology is capable of keeping all information on a digital ledger that is available to the public at all times.
The ability to handle big data can be pushed with the new crypto technology and the entire process from placing bets to analyzing results will be much easier in the future.
Additionally, the horse racing industry can introduce a new payment system that allows people to bet on their favorite horse using cryptocurrencies like Bitcoin, Ethereum, and others.
This will not only make the process easier, but it will also cut down the costs of bookies and bettors, and open horse racing betting to new markets where it is still not available.
Basically, blockchain technology will reconstruct the entire financial system that is set around horse racing.
On top of that, crypto and blockchain technology opens up many new opportunities for the horse racing industry. This technology can provide the ultimate ticket to digitalization, which is currently a billion-dollar market and grows every day.
Basically, blockchain technology will allow horse racing to go digital. This opens up new opportunities such as organizing digital horse races, creating digital collectibles (NFTs) from real-world events that actually hold some value, horse racing gaming, and much more.
We saw already Zed Run X, the Preakness NFT, was sold for $400000. It is probably the most expensive horse in the world of NFTs at the moment, but you should expect this record to get broken in the upcoming months.
Blockchain Technology in Horse Racing Today
Even though we are at the early stage of crypto adoption in the horse racing industry, there are still some examples where horse racing associations use this technology to their advantage.
We’ve seen many race organizers creating their own digital currency, which is actually not new in the world of sports. The people who purchase and use this foreign money get preferential match tickets, get nice and new products, and grow to be part of a different VIP membership that includes its own experiences.
Kazakhstan Horse Racing Association has embraced blockchain and created a new cryptocurrency called Pegasus Coin. They have built an open-source blockchain ledger that all racing lovers can get admission to and get the data they require and the currency this is used for all transactions is this one.
There are different racing organizations that have already embraced or have started out embracing blockchain technology.
The potential of Blockchain technology is potentially limitless. Apart from all the new opportunities that it brings, it also makes the process safer, more secure, digitalized, and decentralized.
It is one of the best ways to enter the digital industry, which also will bring new money into the sport helping horse racing grow into something bigger than it already is.
As of now, there are only a handful of horse racing organizations that are looking up into the blockchain industry, but this will change in the future as this technology becomes more mainstream.