Betting Horses With Bitcoin
There is a trend at the moment for horse racing bettors to choose an online racebook which supports betting horses with Bitcoin. The popular cryptocurrency is accepted at some of the racebooks recommended by EZ Horse Betting. It may offer some advantages over betting with cash which include improved security, privacy, and faster withdrawals. Here are a few things you should know before using this digital currency for race track bets.
What is Bitcoin
Just a few brief words should be said about Bitcoin and what it is. Bitcoin is a decentralized digital currency. It was created largely to promote peer-to-peer exchanges. Bitcoin does not have a physical existence like the USD or EUR. It has a value that can be expressed in terms of fiat currencies, and that value is subject to change on a daily basis due to fluctuations in the cryptocurrency market.
Bitcoin can be purchased with cash through a cryptocurrency exchange, or it can be bought from an individual. There is no bank account or financial institution that is tied to the currency. The only record that exists of transactions made with Bitcoin resides on what is called the blockchain, a distributed ledger that preserves transaction history.
All of that may sound a little complicated. You don’t really even have to know how Bitcoin works in order to use it for betting horses, although some knowledge isn’t a bad thing if you expect to be actively working with the token. All you need to know is how to obtain it and deposit it at an online racebook.
What You Need for Bitcoin Horse Betting
The first thing that you need to do is create a cryptocurrency wallet that will allow you to safely store your Bitcoin. Your wallet will make it possible for you to deposit and withdraw Bitcoin from the racebook. There are several kinds of Bitcoin wallets available, and many of them can be setup for free online.
Basically, the wallet is a set of cryptographic keys that are known to you. These identifiers are what makes it possible to send and receive Bitcoin. You will most often see them referred to as an address. You will have a send address and a receive address. One of the more popular types of wallet is the web wallet. This form of storage only requires you to have an Internet connection and access to a browser. There are also desktop and paper wallets, and there are hardware wallets that allow you to maintain your tokens offline.
Once you have the wallet, you’ll need some Bitcoins for horse betting. As mentioned above, these can be had by visiting a cryptocurrency exchange like Changelly or Shapeshift. At these exchanges and others you can use your debit or credit card to buy Bitcoin and have it sent to your wallet.
The final requirement is to find a racebook that accepts Bitcoin. Once you have chosen the racebook, just make a deposit of your Bitcoin and you will be ready to make horse racing bets in the same manner you do with cash.
Horse Betting With Bitcoin Basics
It can be a little bit confusing for some people to understand exactly how horse betting with a digital currency works. Many bettors have the misconception that they are actually betting with the token itself. This is generally not the case. You are simply funding your wagering account with Bitcoin, and your winnings are withdrawn in Bitcoin. There is a difference.
When you make your Bitcoin deposit at an online racebook, the racebook will convert this to wagering funds at the current exchange rate for Bitcoin and the USD. You can then use those funds to make bets just like you would use cash. When you withdraw funds, the amount you request is converted to Bitcoin and sent to your wallet.
US Racing reports that there were many Bitcoin bettors at the 2018 Kentucky Derby using just such a method to make wagers. It is expected that other cryptocurrencies like Ethereum will also soon be accepted by online racebooks, and they may even make an appearance at live race tracks. The appeal of Bitcoin betting might be attributed to a few important advantages.
More Secure Horse Betting with Bitcoin
Bitcoin is known for its security. Using it to gamble on horses or to play games at an online casino makes sense for many bettors who don’t want to risk having their personal information stolen and used. This is a genuine risk anytime the Internet is used as part of a financial transaction.
The usual way to bet horses online would involve making a racebook deposit with a credit or debit card. Some even allow bank transfers. While online racebooks have their own security measures in place to prevent hackers from stealing player information, the world has seen it happen all too often in other areas.
With Bitcoin there is no need to enter banking information or credit card data. It may even be possible for you to join some online Bitcoin racebooks without providing any personal information whatsoever, although most at this time still want to know who you are and verify your identity. Bitcoin won’t necessarily make you anonymous, but it will make deposits and withdrawals from racebooks very hard to track.
Lower Fees and Faster Withdrawals
Another advantage of using Bitcoin for betting is that there is generally no fee charged by online racebooks for withdrawals. Compare this with requesting a check which could generate a fee of up to $50. Some racebooks can even charge a small fee for bank transfers. If you are making a lot of withdrawals in a single year, the fees can cut into your handicapping profits.
It can also take several business days to process cash withdrawals at a racebook. The time required to receive a withdrawal can be anywhere from 3-5 business days or longer. You may even have to wait two weeks if you request to have a check sent to you in the mail. Bitcoin withdrawals are typically processed much faster. In most cases you can receive the funds in less than 24 hours. That is a vast improvement over standard methods.
So, are you ready to try your hand at this form of horse betting? You can find a reputable online Bitcoin racebook right here at EZ Horse Betting. Some of them even offer bonuses on your first deposit. It only takes a minute to sign up and begin making bets from your computer, phone, or tablet.