How Will The Horse Racing Industry Integrate Crypto

How Will The Horse Racing Industry Integrate Crypto

Written by Deepak Bhagat, In Crypto, Updated On
May 4th, 2024
, 414 Views

Technology is moving at a fast pace, and new and revolutionary tools have been 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 technology has grown significantly in popularity, and it is the only ticket to the full digitalization of the world.

But how can cryptocurrencies and blockchain technology affect horse racing?

Well, this new technology can change the world of horse racing forever, and we are just learning about its potential.

So, in today’s article, we will examine all the different ways that crypto technology will affect horse racing and highlight what to expect in the future.

Benefits of Blockchain Technology for Horse Racing

The horse racing industry heavily relies on information. Everything from the horse breeds to how many races the horse has 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 new crypto technology can be used to handle big data, 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 favourite horse using cryptocurrencies like Bitcoin, Ethereum, and others.

Also Read -   Milestones in Bitcoin's Evolution: From Satoshi to Success

This will not only make the process easier but also cut bookies’ and bettors’ costs 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.

In addition, 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 that 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 collectables (NFTs) from real-world events that actually hold some value, horse racing gaming, and much more.

We saw that 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 create their digital currency, which is not new in the world of sports. The people who purchase and use this foreign money get preferential match tickets, nice new products, and the opportunity to join 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 access and use to obtain the data they require. This currency is used for all transactions.

Also Read -   The Impact of Bitcoin Halving on the Market

Different racing organizations have already embraced or have started out embracing blockchain technology.

Final Words

Blockchain technology’s potential is limitless. In addition to all the new opportunities 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, and it will also bring new money into the sport, helping horse racing grow into something bigger than it already is.

As of now, only a handful of horse racing organizations are investigating the blockchain industry, but this will change as this technology becomes more mainstream.

Related articles
Join the discussion!