Horse racing is one of the oldest and most prestigious sports in the world, but it’s not what it used to be… thanks to the huge advancements in technology over the years. One of the most groundbreaking developments that’s had a huge effect has to be the introduction of blockchain technology.
From even more transparent betting systems to the ability to own your own digital horses – and much better security- it’s completely changing the horse racing industry as we know it.
Even More Betting Transparency
You can find the best promotions and bonuses and the most generous Royal Ascot or Aintree Grand National betting odds, but before doing anything, you need to have complete trust in the site you’re using. Which is precisely why one of the biggest challenges in the world of horse racing betting has always been trust and transparency.
With traditional betting sites, there’s limited visibility – and while there are many excellent and trusted options to choose from, it can be difficult to verify fair play if you’re not 100% sure. However, blockchain technology has managed to address this issue by offering punters a decentralised and much more transparent betting system.
- Every transaction that’s made on a blockchain ledger is permanent, and it cannot be altered – which means completely fair and verifiable betting outcomes.
- Smart contracts are self-executing, and they automatically enforce betting conditions, which takes away the risk of manipulation or fraud.
- Traditional bookies can impose pretty high fees – and some can be untrustworthy. Blockchain-based betting offers peer-to-peer wagers, which means lower costs and more trust.
Owning Digital Horses and NFTs
Then we have the slightly cool concept of being able to own digital horses through Non-Fungible Tokens (NFTs). This means a whole new era in horse racing, where you can breed, train, and even race virtual horses in virtual race tracks.
There are now platforms like Zed Run, where you can buy, sell, and race digital horses – and because it’s all run on blockchain, you can be assured of authenticity and fairness. In some cases, blockchain technology has even allowed for fractional ownership of real-life racehorses, which means that fans can invest in and even profit from a real horse’s success without having to own it outright.
Each and every NFT horse has its own unique, verifiable record that is stored on the blockchain, which ensures that it’s completely legit and its history can’t be changed, altered or falsified.
Better Security and Fraud Prevention
Fraud has always been an issue in the horse racing world – with things like race-fixing, illegal betting, or even identity theft. Because of blockchain’s decentralised and secure nature, it can help to lessen these risks:
Blockchain completely eliminates the risk of data tampering, which means that all financial transactions, from your bet stake to prize money, are totally secure and traceable. What’s more, because of the Blockchain-based identity solution, it can really help prevent fraud – making sure that every bettor and everyone taking part is fully verified.
Making It Even More Accessible
Blockchain technology has also made horse racing even more accessible to people all over the world. Traditionally, betting and owning horses were limited to people who lived within certain jurisdictions or financial brackets, but blockchain has totally removed these barriers.
Anyone with an internet connection and cryptocurrency can place bets on blockchain-based platforms without needing the approval you’d need with traditional betting operators. Blockchain also means that international investors can enjoy all the thrills and spills of horse racing ownership and betting without having to worry about the ins and outs of regulatory restrictions.
Moreover, traditional betting platforms often delay payouts because of the various administrative processes they need to go through – but blockchain-based transactions are practically instant, so you get to your horse racing winnings much more quickly!
Ultimately, blockchain technology is completely revolutionising the horse racing world in all sorts of ways. Whether you’re a bettor, horse owner, or you just simply enjoy a bit of horse racing fun, it really does take a very traditional sport into the future!
