Even if you’ve lived under a rock, there is a good chance you’ve heard about Blockchain technology. It has gotten so big that has impacted many different industries, including horse racing.
It seems like the age-old sport is advancing to the digital world, and it is right before our eyes, but some still fail to see it. In the past couple of years, we’ve seen a lot of collaborations between Blockchain technology and horse racing.
We got the first crypto betting site, NFTs and digital racehorse ownership, horse racing games, and more. Even though most of these inventions came and went away pretty quickly, some of them have already impacted the industry and initiated a change.
What’s the Big Deal with Blockchain?
First off, what is blockchain? Think of it as a digital ledger that is both decentralized and immutable. This means that once a record is created, it can’t be altered without everyone noticing.
It’s like having a super-suspicious neighbor who watches every move – but in a good way. This makes it perfect for activities that require a high level of trust and transparency, such as betting and ownership tracking in horse racing.
Ownership Records
Horse racing is a sport that heavily relies on data, and keeping a secured vault of information might be one of the most important things that revolutionize the industry. Right now, we store data mostly in digital form, but it is not very secure.
We are talking about data embedded in the blockchain. Data about specific breeds, ownership records, performance, origin, parents, and much more. Basically, horses will have a digital password containing a lot of information which will make the sport more transparent.
In the future, you’ll be able to see the horse’s portfolio and important information, and the best thing is that it is available for everyone.
Betting on Blockchain
Horse racing wouldn’t be the same without betting, and that’s a fact. If you are one of the rare ones who still watch horse racing without making a bet, it’s time to visit TwinSpires and learn more about betting.
The sport draws most of its popularity with the fact that it is unpredictable which drives people to make a bet and potentially win some money.
So, since betting is a large part of horse racing as a sport, optimizing it should be our first goal, right?
Well, today’s betting system might be good, but it still has issues with fraud and lack of transparency. But this is where the blockchain comes in handy.
Blockchain betting sites are not something new. In fact, there have been a handful of horse racing betting websites that operate on the blockchain and allow people to place crypto bets.
However, introducing blockchain into horse racing betting has a much deeper effect. First of all, we’ll have better transparency since all bets will be recorded on a public ledger. Additionally, the security of the entire industry will be improved, since transactions are encrypted and like the previous one form a chain harder to tamper with.
Lastly, crypto transactions will make the entire process easier and more accessible. Not to mention that crypto has cheaper transaction fees and operates 24/7.
Revolutionizing Horse Ownership
Every horse racing enthusiast dreamed about owning a horse. I have to agree that I thought of that too. But owning a racehorse is expensive, and out of reach to most people. But the industry changed and now thanks to blockchain technology we have digital racehorse ownership and fractal ownership of real-world horses all recorded on the blockchain.
Owning a racehorse is a dream for many, but it’s traditionally been a playground for the wealthy. Blockchain is democratizing this space through fractional ownership.
We have many platforms nowadays that allow micro-shares in racehorses. This was impossible a few years ago. Platforms like BTX Racing now allow people to invest as little as $75 in a real-world racehorse.
This means that nowadays, we can all be racehorse owners without emptying our entire bank account.
Other platforms like MyRacehorse have expanded their operations to include over 50,000 owners and 100 horses, boasting winnings in excess of $20 million.
The best thing is that owners are really involved in the progress of the horse and they receive real-time updates via apps and can track their horse’s progress getting notifications on races and earnings.
Success Stories and Stats
Game of Silks: This platform has raised over $10 million in capital and created a community of over 25,000 enthusiasts. It stimulates the ownership of thoroughbreds, rewarding players when their digital horses win real races.
BTX Racing: This Aussie platform offers micro-shares of horses trained by top trainers like Ciaron Maher and Gai Waterhouse. It has seen a 600% increase in ownership within a year, proving the popularity and potential of blockchain in horse racing.
Challenges and Considerations
Despite the perks, integrating blockchain into horse racing isn’t without hurdles.
Regulatory Issues: Navigating the complex web of global regulations around betting and securities can be challenging.
Technology Adoption: While tech-savvy users might embrace blockchain, convincing traditionalists in the racing community can be a tougher sell.
Scalability: Ensuring the blockchain can handle the sheer volume of transactions during major events is crucial.
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