Can You Bet On Horse Racing With Bitcoin?

When we talk about betting, horse racing is one of the first sports that pioneered this industry.

It is also one of the oldest forms of gambling that has been around for thousands of years. Although the rules of the race remained somehow the same, the way people are betting on horses has changed.

Thanks to technology, now bettors have access to all kinds of betting options, including cryptocurrencies such as Bitcoin. Cryptocurrencies have been around for almost a decade, but their fast adaptation by the markets started when their value started to increase.

Nowadays, we live in a crypto-world where you can find plenty of use for your Bitcoin, such as betting.

Difference Between Crypto Betting and Traditional Betting?

Even though both processes sound very different, both methods are very similar.

If we take a closer look, we can see that the rules and odds remain almost the same. The only noticeable difference in the odds is that they give no tangible distinctions.

The main difference is the payment method. Just like traditional horse racing betting, crypto betting allows you to connect your digital wallet and transfer X amount of Bitcoin to your betting account.

As you might know, if you followed horse racing news by TwinSpires, the only benefit of using crypto for horse racing betting is the increased market value that you can get on your earnings. However, in the past couple of months, the value of the best-performing cryptocurrencies is stagnating.

Websites that Have Bitcoin Horse Racing Betting

1xBet

1xBet is an online betting website that is established in 2007, and it is one of the most renowned brands in the gambling industry. What makes 1xBet unique is its ability to accept payments in cryptocurrencies.

The website accepts more than thirty different cryptocurrencies, including the most popular one, Bitcoin. On 1xBet, the minimum deposit is 1 EUR and the equivalent to cryptocurrency value.

Betonline.ag

When it comes to horse racing betting with Bitcoin, Betonline.ag offers the best possibilities.

The best thing about this website is the specifically designed Racebook that is very useful for gathering additional betting information that can increase your profits.

On top of that, you can change the odd format to your preference whether you like decimal or fractional odds. Apart from Bitcoin, this website also supports other cryptocurrencies like Litecoin, Ethereum, and others. The best thing about betting with crypto is the bonuses.

Betonline.ag offers up to 100% on your 1st-time crypto investment, which can significantly boost your budget, especially if the value of the cryptocurrency rises.

22Bet

This is one of the newest online sportsbooks but managed to quickly make a name for itself.

It was established in 2018, and since then it opened the opportunity for people to gamble on horse racing with cryptocurrencies.

22Bet supports more than twenty cryptocurrencies, and the odds are pretty decent. Additionally, live betting is also supported for betting with crypto, and they offer many bonuses.

Benefits of Betting with Bitcoin

This new technology opened new opportunities for bettors. So, let’s go through some of the benefits that Bitcoin brings to the bettors.

• It is decentralized

The entire process is decentralized and nobody can take your Bitcoin away from you or freeze your account. You are the only person that can manage your digital wallet.

• It is secure

Even though cryptocurrencies are subject to many hacks, this is one of the most secured payment methods available on the market. Bitcoin transactions don’t require any personal information to be submitted, which is protecting you from identity theft.

• Taxes

Since cryptocurrencies are newly adopted payment methods, some countries still don’t have regulations, which means that they are not always taxable. So, make sure you check your local tax laws before starting to gamble with Bitcoin.

• Not subject to inflation

There is a limited number of Bitcoins (21 million) making them scarce. With a limited number of cryptocurrencies in circulation, Bitcoin and other possible alternatives are not subject to inflation.