The Kentucky Derby, where horses run faster than most people's internet speed, is a thrilling event that attracts a diverse crowd of racing fans and bettors.
Since the Kentucky Derby is one of the most popular horse racing events in the world, it is not surprising to find out that last year, the event set a record for a betting handle of a staggering $179 million!
With the rise of cryptocurrency, some are wondering if they can bet on the Derby with digital cash. While it's not as easy as buying a mint julep, it is possible.
Let's saddle up and explore this topic further.
What are Cryptocurrencies?
Before we dive into the specifics of betting on the Kentucky Derby with cryptocurrency, let's take a moment to define what cryptocurrency is.
In simple terms, cryptocurrency is a type of digital currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds.
It operates independently of a central bank and can be used to purchase goods and services online.
How Does Betting on the Kentucky Derby Work?
Now that we have an idea of what is cryptocurrency and how it works, let’s discuss how to transfer that knowledge into betting on the Kentucky Derby.
Betting on the Derby can be a bit of a gamble, but that's the thrill of it. You can find more information about it here: edge.twinspires.com/racing/kentucky-derby/
Betting on horse racing is a popular pastime, and there are several types of bets that can be placed on the Kentucky Derby. These include win, place, and show bets, as well as exotic bets such as exactas, trifectas, and superfectas.
Can You Bet on The Kentucky Derby With Crypto?
Absolutely! Some online betting platforms now accept digital currencies as payment.
However, not every betting site has caught up with the times, so do your due diligence before placing your bets. After all, you don't want to be stuck with a virtual wallet full of worthless bits and bytes.
The only thing that is different from traditional betting is setting up your account and purchasing cryptocurrencies.
Steps on How to Start Crypto Betting on Horse Racing
Before you start analyzing horses and predicting who’s going to be a long shot to claim the victory in the Kentucky Derby, you need to set up a few different accounts. This might be difficult to understand for non-tech-savvy people, but bear with me, you’ll get the hang of it in no time.
First of all, you’ll need to purchase cryptocurrencies in order to place bets. Usually, crypto betting websites don’t have an option where you can purchase crypto, which means that you need to find a crypto exchange.
Crypto exchanges like Binance or Crypto.com will allow you to purchase cryptocurrencies like Bitcoin and transfer them to your betting account.
Once you register an account on a crypto exchange you’ll be provided with a digital wallet. The same thing goes for setting up an account at an online crypto betting website.
Now once you’ve purchased some crypto, you need to transfer it to your betting account by copying/pasting the wallet ID.
Once you’ve received the crypto you are ready to place bets.
Advantages and Disadvantages of Crypto Betting
There are several advantages to using cryptocurrency to bet on the Kentucky Derby. One of the most significant benefits is that transactions can be completed quickly and securely.
Cryptocurrency transfers are almost instantaneous, and there are no additional fees or charges for using digital currency.
Another advantage of using cryptocurrency for betting on the Kentucky Derby is that it provides an additional layer of anonymity.
When using traditional payment methods, such as credit cards or bank transfers, personal information is often required. However, when using cryptocurrency, you can complete transactions without having to provide any personal information, ensuring your privacy and security.
But hold your horses!
Crypto also has a few drawbacks, like for example the volatility of the crypto prices. This means that if you purchase Bitcoin at $40,000 and the next day falls down to $30,000 you’ll lose all the profits you’ve made betting.
Transferring to crypto betting might be a fun way to spice things up and make some additional profits. However, make sure to explore this subject more before investing your money.
After all, it is better to be safe than sorry!