Even though horse racing might seem like a sport that is tied closely to history and tradition, this doesn’t mean that the sport doesn’t leverage modern technology. Over the last couple of decades, horse racing events have changed a lot.
They are based on the same principles, but technologies make the sport more entertaining, more available to the global audience, and more sustainable, of course. This includes adapting to financial shifts such as the updated crypto tax in Australia, which influences how investments and transactions in the sport are managed.
But what about the impact of the crypto investments?
More than a decade passed since the first cryptocurrency was introduced in the world, and since then, there hasn’t been an industry on the planet that hasn’t been affected by this crypto craze.
Cryptocurrencies and blockchain technology also had a big impact on horse racing. This is why we decided to highlight some of the ways crypto investments are changing the horse racing industry for the better.
Crypto Industry and Horse Racing
Cryptocurrency technology can have a huge impact on the billion-dollar horse racing industry. The great thing about blockchain and crypto technology is that we still haven’t fully explored its capabilities.
As of now, crypto technology is used in ownership and breeding, betting, and NFTs. However, this technology is much more powerful than that.
How?
Well, the great thing about blockchain technology is transparency and the ability to prove the authenticity of digital goods. This is something that the world desperately needs, especially when we spend most of our days creating our digital persona.
But that’s not all. Crypto technology can be incorporated with IoT technology to provide accurate readings and metrics about the horse or jockey, which can be very beneficial for the industry.
Additionally, it will make horse racing safer for horses, which is something that it really needs since the industry fights a constant ethical battle.
Not to mention NFTs and digital horse racing, which are already revolutionizing the sport. There are platforms like ZedRun that allow you to own your own digital horse (NFT) and participate in races where you can earn money.
If you’re new to this space, you might want to learn how to properly transfer an NFT to another wallet to ensure the security and proper management of your digital assets.
Digitization of Horse Racing
We’ve talked about this. The metaverse creates a virtual universe in which horse racing fans may immerse themselves, providing a one-of-a-kind experience that is not restricted by geography or time. Fans may now watch races from anywhere in the world and experience the excitement of the race virtually.
Crypto can also provide people a chance to own real-life horses, not just digital ones. Through stake investing, you’ll be able to purchase a part of a racehorse and then earn money from its success.
Breeding and Genetics
Bitcoin and blockchain technologies have had a significant influence on horse breeding. Cryptocurrencies have made it safer and easier to acquire and trade breeding rights and shares of breeding supplies such as sperm.
These transactions are recorded on a blockchain, which acts as a permanent and easy-to-read record of a horse’s family history and previous breeding methods.
Furthermore, blockchain enables the safe and tamper-proof storage of a horse’s genetic information, such as DNA markers and family history. Breeders and purchasers can use this information to ensure that a horse’s family tree is correct.
Betting
The greatest and most visible shift brought about by cryptocurrency in horse racing is the way people wager on races.
Blockchain technology can create a transparent and secure betting system, ensuring that the outcomes are fair and accurate. This may increase confidence in the business while also offering fans a more safe and entertaining betting experience.
When it comes to betting, make sure to read this detailed guide on how to calculate the costs of different types of bets: https://www.twinspires.com/wagertypes/
Cryptocurrencies also make betting faster and cheaper than traditional banks. It implies that when consumers add or withdraw money from their betting accounts, they don’t have to wait as long as they would with traditional bank transfers.
Authenticity via Blockchain
The validity and traceability of horses may be confirmed and monitored using blockchain technology, reducing the risk of fraud and increasing transparency. Horse owners may be confident with their horse’s lineage and performance, and racegoers can believe that the results are true.
Additional Revenue Streams
Using NFTs and blockchain technology can provide new revenue sources for horse owners, trainers, and tracks, resulting in a more sustainable business model. This can help to secure the industry’s long-term viability.
Globalization of Horse Racing
The metaverse and blockchain technology allow horse racing to go global, accessing new audiences and markets. This can help the business flourish and open up new prospects for horse owners and racetracks.
Additionally, crypto opens the door to the world when it comes to betting. Some countries don’t allow you to put money in betting platforms, but there are no limitations when using crypto for betting. This makes horse racing betting available to the world, which is a good thing and can only increase interest in the sport.
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