The world of horse racing is evolving and we can see that through the introduction of new technologies. Not too long ago, the only way to place a wager on a horse race was to physically attend the race, but nowadays, we have online sportsbooks and even crypto betting.

As we approach the Bitcoin halving and the beginnings of a bull market, many people will start talking about crypto yet again. We know that cryptocurrencies have many uses, but in the past couple of years, tech-savvy sportsbooks have managed to revolutionize the way we place bets on sports, including horse racing.

Yes, you can now use Bitcoin to place bets on horse racing. However, not everyone knows how to do it. The process isn’t that complicated and it is very similar to traditional online betting. You just have to follow certain steps and understand how cryptocurrencies work in order to use and store them correctly.

In today’s article, we will go through the process of Bitcoin horse racing betting step-by-step.

Step 1 – Buy Bitcoin

If you’ve never purchased Bitcoin before, this step might look overwhelming at first, but I promise, once you get the hang of it, you’ll find it very simple.

In order to buy Bitcoin, you first need to sign up for a crypto-exchange. This is the place where you can purchase Bitcoin. But before jumping into the process, make sure you use a reputable crypto exchange just to keep your money safe.

The buying process is actually quite simple. You head over to Bitcoin, click buy, and add your credit card information. Make sure to buy Bitcoin from the exchange, and not directly from people selling on the exchange since they might give you less Bitcoin for your money.

Step 2 – Choose a Reputable Crypto Sportsbook

The next step is to find the safest place where you can bet on horse racing using Bitcoin. There are many crypto sportsbooks at the moment and the strategy here is to choose one that is the safest. In other words, you have to choose a crypto exchange that has built a reputation in the industry.

The crypto world is surrounded by scams, and you wouldn’t like to be the one that places all of their crypto on a scummy pretending crypto sportsbook. So, make sure you do your research!

You can also take advantage of their sign-up promotions. Most crypto betting websites have a sign-up bonus that will get you started, just like the one on TwinSpires here: https://www.twinspires.com/200-signup/.

Step 3 – Deposit Your Bitcoin

Now that you’ve found your crypto sportsbook, it is time to fund your betting e-wallet by moving your Bitcoin from the exchange to the sportsbook. This might be a complicated process at first, but once you understand how it works you’ll be moving your crypto instantly.

Every crypto is stored in a digital wallet (online). Each digital wallet has a unique ID or address. In order to move your crypto from the crypto exchange to the sportsbook, you need to get your wallet address from the sportsbook and copy the code.

Once you have your Bitcoin code, head over to your crypto exchange and click “Withdrawal” or “Send”. Follow the instructions on your screen and paste the code from your digital wallet from the sportsbook.

You’ll be asked about the method of transfer, which includes different gas fees, but if you don’t want to dive deep into crypto, stick to the default options.

Step 4 – Place a Bet

Now that you’ve transferred your Bitcoin from your crypto exchange to the sportsbook, you can place bets. You should be able to see the amount of Bitcoin/USD you have on your account, and from there, it is just like a normal sportsbook.

You can pick a horse race, create a betting ticket, and place the amount of Bitcoin you want to stake.

Types of Bets: From Classic to Exotic

Understanding the types of bets is crucial in horse racing. The classic options include Win, Place, and Show bets.

Win Bet is straightforward, where you bet on a horse to win the race. Place Bet broadens your chances, paying out if your horse finishes first or second. Show Bet goes even further, rewarding you if your horse lands anywhere in the top three.

For those seeking bigger thrills and potential payouts, exotic bets like Exactas, Trifectas, Quinellas, and Superfectas add complexity and excitement, requiring you to predict the top finishers in exact or any order.

But make sure to do your own research and fully understand the bets before you place them.

The Advantages of Bitcoin in Horse Race Betting

Using Bitcoin for betting on horse races offers several benefits. Transactions are notably faster, often processed in less than 10 minutes, making withdrawals swift.

The security of blockchain technology reduces the risk of hacking, and with no transaction fees, betting with Bitcoin is cost-effective. Plus, the global acceptance of cryptocurrencies means you can bet from anywhere, bypassing traditional payment limitations.