The horseracing sector is one of the oldest practicing sports, ever since ancient times. However, modern horse racing began relatively late, around the 18th century. With a long history and many advancements and upgrades, horseracing has eventually reached technological developments. Now, you can bet at horse racing events if you buy Bitcoin with a credit card.
One of the newest things about these two merging industries is an NFT-based horseracing club called CRYPTO RACING. The concept and the platform are the first ever released products related to horse racing, making the club an innovation hub that approaches a new audience.
Let’s see what the purpose of this club is and how cryptocurrencies can benefit horse racing in the future.
What is CRYPTO RACING?
The NFT-based CRYPTO RACING horse club was officially released in 2022. It provides a platform through which club members can mint their NFTs and sell them on the OpenSea marketplace, known as among the safest cryptocurrency marketplaces. The platform offers asset-backed NFTs that are used as a stake in horse racing.
The horses are carefully selected and trained in stables by real trainers and will be named after crypto-related terms. Creators aimed to gain more attention in this sector by attracting different types of investors that can support the racing games. Famous stables have also agreed to collaborate, such as Paul & Oliver Cole. These crypto payments are intended to cover purchase costs and other fees, which transform into a stake secured as an NFT, which holders can then sell or trade. When the racing season ends, NFT holders can receive crypto airdrops that comprise their interest in the prize money and the sale price of the horse.
The program comes as an alternative to expensive syndicate-type schemes, which might have hindered the betting part of horse racing, one of the essential processes of supporting the care of horses and good stable conditions.
Why horse betting with crypto works wonders
The biggest mistake an investor can make is not being prepared enough regarding the type of horse betting and strategies they’re going to approach. That’s because while straight bets are safer as the horse’s performance history determines them, exotic bets include multiple horses and should be done only by professionals. Horse betting requires long-term strategies and responsibility above having the financial resources.
And this is the part where cryptocurrencies genuinely benefit the industry. Crypto horse race wagering ensures:
- Faster payments and transactions. Although bitcoin transfers might take around ten minutes to complete, other cryptocurrencies, such as Ethereum, are even quicker;
- Safety and security when it comes to your assets. Powered by the Ethereum blockchain, horse race betting is safer and fairer due to the special smart contract feature;
- No additional fees are included in the final payment. Most of the time, sports betting sites don’t charge in plus for transactions;
- Broader acceptance of assets. Fiat money is valuable, but with cryptocurrencies, there’s a vast acceptance of what you can use as payment;
However, since crypto acceptance is quite new in the horse racing sector, only a few sportsbooks work with Bitcoin, for example. But considering that using fiat money for horse betting adds considerable transaction fees and has slow withdrawal times, providing crypto payment possibilities can better benefit the sector.
Metaverse horse racing, a betting alternative
If you also want to try out horse race betting in the metaverse, know that such a platform already exists. Such games allow users to breed, race and trade their NFT horses, such as MetaRace. Horses can be decorated with accessories, but here’s how metaverse horse racing basically works:
- You breed horses based on speed, endurance, acceleration, control, steering and grip, depending on how you want your horse to perform. You need to own at least one NFT horse to be able to create new ones, but you need to be wary of breeding fees. However, you may want to pay more for the offspring to have great attributes;
- You race in the Integral Tournament, which is free as it‘s designed for new players. Staking is not required, and you’ll have the time to learn the basics and increase your competition level. Another five types of tournaments follow, where horses that secure the first positions can gain 80% back of the race entry fees. Finally, there’s the Grand Prix event which is the most important.
How to choose the best horse betting site
Starting to bet on horse racing may seem easy, but you need to be careful with the sites you will pick because not all are official. The following aspects must be considered at all times:
- Security should be a priority, so check if the site has strong security measures and adequate licensing to protect you from theft and other illicit activities. You can also look at the SSL certificate and latest security protocols to ensure you’re safely betting;
- Betting odds also matter. Comparing odds from multiple sportsbooks allows you to get the most competitive prices, which can only benefit good outcomes. You can also check if the race book offers odds in a specific format (American, fractional or decimal);
How to bet on horse races with crypto
Of course, if you want to bet with Bitcoin or eth, you must first acquire them and have a digital wallet in which you can hold these assets. Then, you will register on the website you chose for the investment and complete the KYC verification process so that the platform can ensure you’re trustworthy. After this, you need to fund your account so that you can race and place a horse racing bet. From this point over, it all depends on your luck and strategies.
Horse racing is one of the oldest practicing sports. In an effort to attract more investors within this sector, a team created an NFT-based platform for horse betting with crypto, with which people could use their digital assets and knowledge to bet on racing horses and also train their horses with the help of notorious professionals.