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Betting with cryptocurrencies rises at the most famous US horse race

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Horse Race

The Kentucky Derby one of the most famous US horse race has seen a significant surge in cryptocurrency bets. The benefits of cryptocurrencies are that there no fees and more frequent withdrawals.  

Cryptocurrency a rising trend in betting

US Racing an international online horse racing news service reported on 5th May 2018, the day the race was taking place that cryptocurrency was being used to place wagers on the Kentucky Derby at Churchill Downs.

The Kentucky Derby is annually held in Louisville is often referred as the most exciting two minutes in Sports and also called the run for the roses. CBS sports stated, “There will be 20 horses in this year’s race, with $2 million as the prize.”

Tim Maxwell, the operation director of US racing said that: “Over $100 million dollars was wagered on last year’s Kentucky Derby race and many expect to see the overall volume increase in 2018.”

Very few private international gaming companies will accept deposits in cryptocurrencies and deposits are expected in bitcoin, bitcoin cash or litecoin.

Tim Maxwell states that there are legal issues and risk associated with accepting cryptocurrencies and there needs to be further clarification before the widespread adoption could occur in the racing and gaming industry.

Bovada, 5dime, Betonline, Topbet, and Bookmaker are one of the many online sportsbooks that accept bitcoin. Most of these sports books do not charge fees for bitcoin deposits and mostly offer bonuses while using cryptocurrency.

Visa and Mastercard charge 5.9{7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1}  and American Express charges 9.9{7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1} while Bovada charges no deposit fee for bitcoin. Even withdrawal for bitcoin is free whereas others payment methods cost between $25 and $100.

 

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