We might be talking about a sport that is heavily tied to tradition, but in the real-world horse racing is one of the most technologically advanced sports. Organizers of big horse racing events are always pushing the boundaries of what’s technologically possible just to make the sport more accessible, safer, and of course more entertaining.
In recent years, the biggest technological innovation came in the form of Blockchain technology.
Even if you were living under a rock, you’ve definitely heard about cryptocurrencies like Bitcoin or Ethereum that skyrocketed in value.
But what has this technology had to do with horse racing? And how can it change the sport forever?
Some of the biggest North American horse racing tracks like the Kentucky Derby have already started adopting new technologies such as VR, Machine Learning, and IoT.
If you want to browse the schedule for major North American horse racing tracks, visit the link below: edge.twinspires.com/racing/tracks/
Horse racing being a tech-forward sport isn’t a coincidence. Over the last decade, the sport has seen a decline in popularity, especially with the younger audience, and making it more tech-friendly will make it more appealing to younger horse racing fans.
In this article, we will focus on cryptocurrencies and Blockchain technology and find out how this technology will shape the future of horse racing.
A New Spin on Betting
Betting is a huge part of horse racing, and it is safe to say that the sport wouldn’t look the same without it. Cryptocurrencies are here to enhance the entire betting experience and offer a safer, more reliable experience.
Imagine bets being made with digital coins like Bitcoin or Ethereum. It might sound like something from the future, but it’s happening now.
The secret sauce? Blockchain technology.
This tech, behind most cryptocurrencies, promises transparent and secure transactions. Think smart contracts that execute themselves based on coded terms.
The result? Fairer, safer, and more efficient betting, potentially putting to rest disputes and ensuring that winnings find their rightful owners.
On top of that, crypto-betting can revolutionize horse racing betting in terms of making it more available for all people across the world. Due to the nature of this technology and how it operates, it can bypass geo-restrictions and sometimes offer payment options to countries that are not available.
Cryptocurrency might be the horse that breaks down these barriers. Why? Because it’s borderless. Traditional financial systems often exclude certain folks due to where they live. But cryptocurrencies? They don’t care about borders. This could mean that horse racing, once reserved for the select, could become a global pastime. People from all corners of the world could place bets, get involved in ownership, and cheer on their favorite horses.
Digital Horse Races
One of the most innovative aspects of this technology is the birth of virtual horse racing based on blockchain technology. Nowadays, there are different online platforms where you can actually own a digital horse and compete in big events to earn money.
Sounds like an equestrian dream come true, right?
Platforms like Zed Run allow you to breed your own digital horses (with unique traits and abilities) in the form of NFTs (non-fungible tokens), train them, and participate in online races where you can earn money.
Online horse racing isn’t something new, but blockchain technology adds a new twist by including digital asset ownership.
Participate in Racehorse Ownership
Let’s take betting aside for a moment and focus on other sectors. Cryptocurrencies are changing how we own and invest in horses. Ever dreamt of owning part of a racehorse?
Thanks to the crypto technology, this is quite possible. And no, you don’t have to sit in the elite class of people or have a huge network just to become a racehorse owner.
This is possible even for average people through blockchain technology.
Blockchain technology lets you own fractions of real-world horses.
That’s exciting, right?
Let’s brainstorm for a bit.
Through blockchain technology, you can become an owner of a horse that actually becomes a Triple Crown Champion.
Who knows, maybe in the future we can also enter the Hall of Fame through digital horse race ownership.
Huge Potential of NFTs
Let’s get one thing straight. We still haven’t scratched the surface of NFTs and their possibilities even though most people think that they are gone for good.
When it comes to non-fungible tokens or NFTs the possibilities are limitless and can horse racing as a sport forever.
The last couple of years were crazy for NFTs, where Apes sold for millions of dollars. The market quickly crashed, but this doesn’t signify the end of non-fungible tokens as most people think.
Based on cryptocurrencies that have smart contracts, this can define a new chapter in the horse racing industry.
NFTs can be collectibles, fractional ownership of a horse or digital asset, entry tickets, Metaverse abilities, unique designed elements, and much more.
Picture this: Some tickets for the Kentucky Derby are sold in the form of NFTs, which will give people a chance to access special events like behind-the-scenes action, or even ownership of a horse.
But that’s not all. Your NFTs actually own some value.
Later these NFTs can be tied with real-world earnings where people can actually earn money based on the horse performance.
So, you participate in the sport, and hold some virtual assets that can grow in value.
Sounds perfect to me.
Metaverse Horse Racing
It seems like last year was the biggest year for the Metaverse industry in terms of news coverage. But this relatively new category that will enable us to live digital lives quickly quieted down.
This is not the end for the Metaverse industry.
Cryptocurrencies and blockchain technology are the leading technologies in the Metaverse industry. In the Metaverse we can recreate a new horse racing world where people start their own stables, breed horses, and participate in horse racing events.
All of these things will come in the form of NFTs that can later be sold for a higher value.
Revolutionizing Funding
Cryptocurrencies are changing how we own and invest in horses. Ever dreamt of owning part of a racehorse?
Well, now you can, even if you’re not a millionaire. Blockchain technology lets you own fractions of horses. It’s like crowdfunding for the racetrack.
Owning a percentage of horses is quite easy in today’s world. In fact, there are many organizations that allow you to own a percentage of a real-world horse through cryptocurrencies and blockchain technology.
Final Words
Even though crypto-technology has been around for more than a decade, we still haven’t scratched the surface of what’s possible.
This means that the horse racing industry can be impacted in many different ways, that are still unknown.
Being in an industry with no limitations is what’s scary.
However, even the things we covered so far will have a huge impact on horse racing as a sport. For some people, this is good news, just because it will open many new opportunities, and for others, the digitalization of the horse racing industry is a bad thing.
What are your thoughts?
One thing is for sure, the cryptocurrency industry and blockchain technology are here to stay. Apart from making the entire financial system safer, easier to use, and more reliable, it also introduces smart contracts where the possibilities are limitless.
But hold your horses.
Navigating the regulatory landscape and mitigating risks associated with cryptocurrencies will be essential to ensure the long-term viability and integrity of the industry.
At Solutiontales we make it easy to understand the throes of cryptocurrencies, but our words should not be taken as a financial advice and we do not give any guarantees for any crypto or crypto platform mentioned on the website so please do your own research for the same. Remember, a wise investor can make money in a bull or bear market when given the right data.