Horse racing has always been a sport carefully tied to tradition and history, but this doesn’t mean that it shouldn’t advance. In fact, horse racing must make a move in order to secure a long-term young fan base that will carry the sport for another 100 years.
Fortunately, we have the technology for that. We are talking about crypto and blockchain technology.
It doesn’t matter if you are a crypto supporter or not, I think we can all agree that this is a revolutionary technology that will change not just horse racing, but the entire world. As we move towards total digitalization, blockchain technology might be the only solution.
So, how can crypto and blockchain tech evolve horse racing as a sport?
What’s the Deal with Crypto in Horse Racing?
You might think Crypto? And Horse Racing? How do these two worlds even connect? Well, the truth is that they are much more compatible than you think.
We’ve already seen crypto adoption in the horse racing industry on so many different levels. First, we have crypto gaming, which is kind of taking off at the moment. Next, we have to mention decentralized horse fractional ownership, which means that you can invest in a real-world horse or NFT that is tied to a real-world horse, and enjoy all the benefits as a racehorse owner, including sharing of the winning prize purse.
We’ve seen projects like Cryptojock have introduced the concept that punters can buy into a digital token that represents a racehorse’s performance. Not only does this make ownership more accessible, but it also opens up the racing world to a new, tech-savvy audience.
If you want to move a step further, there are companies that operate on a blockchain level and they sell you digital assets (NFTs) that are tied to the success of a horse – basically fractional ownership made digital.
There are so many other ways that this technology can impact the world of horse racing, so let’s highlight them one by one, and try to get an idea about the future of the Sport of Kings.
1. Crypto Gaming
We have to start with a big one that is already happening: crypto waging. Nowadays, there are plenty of platforms where you can use Bitcoin or other cryptocurrencies like Ethereum, Litecoin, or Solana to place a bet.
So, why would people move from traditional waging with FIAT to using crypto instead? What’s so revolutionary here?
Well, crypto payments are done on a global scale, and no government or laws can change this. They are available to the entire world, which eventually opens markets to places with limitations.
Basically, what if you wanted to participate in online horse tourneys and you find that you are unable to place a wager just because your bank doesn’t allow it? Well, this problem is now gone with crypto.
In other words, we finally have a solution for waging in horse racing in places where there are banking limitations or restrictions.
Secondly, crypto payments are a lot faster and cheaper than traditional FIAT currencies. Why? Well, they don’t go through a middleman (bank). In such cases, banks collect all payments, process them in a couple of days, and they land on your bank account.
Here, this happens in minutes. Lastly, a bank can take up to $30 or more for a wire bank transfer, eating most of your wagers, but with crypto, the fees are much lower.
It truly revolutionized the world of horse racing staking, and it is here to stay.
2. Ownership Through NFTs
Crypto’s influence doesn’t stop at the wagering window. Non-fungible tokens (NFTs) are opening new doors to horse ownership. Imagine owning a share of a thoroughbred or even a stake in a specific racehorse—all represented by a unique digital asset. These NFTs serve as digital ownership certificates, creating a decentralized form of co-ownership. Platforms like ZED RUN are even creating virtual horse races where NFT horses compete, allowing users to buy, sell, and breed digital horses.
Does that sound like a gamble on a digital pony? Sure. But it’s also a clever way to modernize the ownership model in real-life horse racing, where fractional ownership and syndicates are common.
3. Crypto Sponsorships: The Race to Attract New Audiences
Another interesting trend is the rise of crypto sponsorships in horse racing. Major horse racing events, such as the Kentucky Derby or the Dubai World Cup, are starting to explore partnerships with blockchain companies. These sponsorships could increase visibility for both the races and crypto brands, drawing younger, tech-savvy audiences into an otherwise older fan base.
4. Blockchain for Transparency in Racing
Blockchain’s role in creating transparent, tamper-proof systems can also be a game-changer for racehorse data and transactions. The technology could provide an immutable ledger for tracking horse performance, pedigree, and even healthcare records, which helps reduce fraud and ensuring data accuracy.
Why Should the Horse Racing Industry Care?
The shift toward crypto isn’t just about keeping up with trends—it could actually revolutionize the iGaming industry, attract new participants, and even create new revenue streams. The traditional ways of doing things might still work, but as the sports wagering world evolves, it will be hard for horse racing to ignore the possibilities that crypto offers.
