The sole animal that reflects an amalgamation of beauty, nobility, strength, freedom, and power is a horse. From the legendary epic of Pegasus and the Black Stallion to authentic legacies of Alexander the Great’s Bucephalus.
Similarly, horse betting has been the most popular sport since time immemorial in countries like America.
Though horse racing has evolved from the yesteryears, one thing remains constant. The thrill of betting is what transcends this pursuit into an exhilarating escapade.
Previously, horse betting exploits required to be present on the track. However, the digital era has revolutionized the industry. You can now revel in the magnificence of horse betting at the comfort of your abode.
A dramatic change can be witnessed in the fundamental nature of the sports – escorted by technological brilliance.
Types of Horse Bets Available
Horse Betting, discussed here in detail over here, employed pari-mutuel betting with the bookmakers, patrons, and track who gambled.
This form of gambling involved; all bets being placed into a pool.
Then the house takes a percentage of offhand. Ultimately, the payoffs are decided by apportioning the remaining money on account of the horse that triumphs.
While it is universally a parimutuel system, the number of ways to flutter has escalated lately. The earlier forms of the wager were limited to win, place, and show. The highest payoff was for a winning bet, and the least was for a show bet.
The Vicissitude Ushered by Exotic Wagers in Sports Betting
The inception of exotic wagers was in the form of daily double and exacta. The double is made available on the first two races of the day while analogous to a two-race parlay.
If you want to emerge triumphantly, you need the blessing of Lady Luck. This bet requires you to make the right selection on which horses finish first and second – in the correct order.
The popularity of exotic wagers has soared for enthusiasts wanting a mammoth payoff, unlike the win bets.
Horizontal bets are parallel to parlay bets as it requires selecting winners in consecutive races.
The most complicated being the Pick 6, which mandates choosing six winners in a row.
At the same time, the exacta is the most accessible form of a vertical bet.
This requires gamblers to forecast the first two horses to complete the race. A trifecta mandates predicting the top three, and a superfecta is to envision the first four.
The Change Ushered by Snowballing of the Internet
Technological advancements like augmented and virtual reality and blockchain have refashioned from regional to an international sport. This has also succoured in gripping a fan base immersed in the digital age.
Technology can transcend spectators from using binoculars to an avant-garde experience. This can be facilitated by augmented and virtual reality.
These technologies have the potential to refashion audiences’ experience and expand the spectator base.
While a VR headset can furnish the user a computer-generated reality. The augmented reality unfolds digital information into a player’s field of view.
This is not merely succouring to the players, but the enterprises are presented with an immense monetary benefit.
The leveraging of such innovative technologies will fetch a new set of demographics into horse betting.
The evolution of VR can teleport you while you experience what it means to be a horseman in the Derby. You can feel the pulse of the race unravelling by riding around the track.
At the same time, AR confers on the user’s magnified viewing experience. It can bombard users with vast digital information unavailable on standard broadcasts of the race.
The advent of blockchain has granted a tamper-proof method to exchange assets. The $60 billion industry has escalated to $ 80 billion this year.
The employing of cryptocurrencies is going to alter the face of this industry.
Blockchain leverages the upsurge of cross-border betting on races while also addressing the core security issue in online gambling.
This technology could also be utilized for record-keeping. For instance, administering accurate records about drugs and treatments provided to horses.
Digital Transformation in Horse Racing
The horse betting industry should channelize its focus on customers, operations, products, and employees to enable this digital evolution.
Technology is not the sole accelerant; instead, it should be paired with a coalescence of buy-in and internal culture.
The regulations specific to each state engenders a fractured environment.
However, this industry has adopted a phenomenal transformation that will pulverize these blemishes.
This visionary leap on adopting the technology will enable the industry to transcend all barriers and emerge victoriously.