Bitcoin Horse Race Betting: Gambling on the Ponies

Bitcoin horse race betting has become increasingly popular in recent years as casinos continue to accept Bitcoin for deposits. So what are the advantages of Bitcoin horse betting? Let’s take a look at a few.

Fast Transactions – As a horse racing fan, you can appreciate speed. With Bitcoin, transactions move much quicker than fiat transactions. That’s because there’s no middle-man or third-party processing involved. Deposits and withdrawals take a maximum of 20 minutes but are often instantaneous. Fiat transactions can sometimes take days, especially for withdrawals.

You’re the Jockey – One major problem with fiat deposits is that they are regulated by banks or local governments. With Bitcoin, you are the banker, and you control your money. While regulations are changing regarding cryptocurrency, it is still easier to use than many fiat forms of payment.

Secure – For those worried about having payments or personal data intercepted, Bitcoin is a great alternative. Blockchain technology powers Bitcoin, and the technology is virtually unhackable. When you send a payment, it cannot be intercepted. You can see that a payment was made by looking at the Blockchain, but hackers cannot modify or pull any data from the transaction.

Free Means Free – Do you think that you should have to pay to make a deposit or cash out at a casino? Of course, you don’t. However, that’s what happens with a credit card or other fiat forms of payment. Most casinos and sportsbooks offer zero-fee transactions when using Bitcoin.

Universally Accepted – Bitcoin is a truly universal currency. Some casinos require that you deposit in their local currency, which often incurs extra time or expense. With Bitcoin casinos and sportsbooks, you deposit Bitcoin, and you’re done. If a currency conversion is needed, it happens after the Bitcoin deposit. This allows you to use the currency anywhere in the world.

Types of Horse Racing Bets Available

Some people avoid Bitcoin horse race betting because they feel that it is too complicated. The truth is that horse race betting is pretty simple once you understand the different types of bets out there.

Let’s take a look at some of the different bets you can place on horse races. First, let’s start with straight wagers. These are either single horse bets or bets on horse finishes.

Win Bets – You’re betting the winner of a race

Place Bets – You’re betting on a horse to finish in at least second place. You also win this bet if they win the race.

Show Bets – When betting across the board, you’re betting that your horse will finish in first, second, or third.

Win Place – You’re making multiple bets at the same time on your horse finishing first and second. If the horse wins the race, you win both bets. If they place second, you get at least part of your money back.

Across the Board – Similar to Win Place but you are betting on your horse to finish in the top three. If they win, you get three payouts. When they place, you get two payouts.

Daily Doubles – A popular bet in North American race tracks, you can bet on the winner of two consecutive races at once. Both horses must win to receive a payout.

Next, we have a category of bets known as exotic bets:

Exacta Bets – For this bet, you’re wagering on two horses. You’ll bet on which horse will win and which will place second. The horses must place in the order you pick, or you lose the bet.

Quinella Bets– You’re betting on two horses to finish anywhere from first to third. The order doesn’t matter. However, they must both finish in the top three to receive a payout.

Trifecta Bets – You’re picking the top three finishers in a race. The horses you choose must finish in the top three and in order before you can win the bet.

Superfecta Bets – You’re wagering on four horses and must pick the top four finishers in order before you can win the bet.

Before signing up at a Bitcoin sportsbook, you need to buy some Bitcoin. For those new to Bitcoin, we have a guide to buying Bitcoin you should check out. If you already have some Bitcoin, go to the sportsbook and sign up for an account.

After signing up, you can make a deposit directly from the cashier. Select Deposit and then choose Bitcoin. Enter the amount of fiat you wish to deposit, and you’ll be given the corresponding amount of Bitcoin to send. You’ll also receive an address to send your payment. After you send your Bitcoin to that address from your wallet, you’re ready to start betting on various types of horse racing.

Note that there are two types of Bitcoin sportsbooks. The first are those that allow you to bet in satoshis or mBTC. These are traditional Bitcoin sportsbooks. Others are Bitcoin-friendly and will convert your Bitcoin deposits into fiat. You’ll seem more Bitcoin-friendly sportsbooks than traditional Bitcoin sportsbooks.

Picking the Best Bitcoin Horse Race Betting Sites

While we have a list of the best Bitcoin betting sites, selecting the best one is usually a matter of personal preference. As such, here are a few things to look for when choosing a horse race betting site:

Selection – When picking a sportsbook, you want one that allows you to bet on a wide variety of sports and not just on horse racing. Also, you want a site that gives you plenty of races to pick from. While it is great to bet on the Kentucky Derby and other Triple Crown races, most players want to be able to bet local and national events.

Software – Pay careful attention to how the site is designed and the software used. Stick with casinos that use software from top companies like Microgaming, NetEnt, and SoftSwiss. If the site looks generic or uses software from an unknown provider, you probably should play elsewhere.

Licensing – Would you play at a live race track that wasn’t regulated by a gaming commission? Of course not. The best online casinos and sportsbooks are licensed and regulated. They will also proudly display their licensing information. Do not play at websites that are not licensed.

Support – You want a website that offers 24-7 customer support via live chat or phone. Sites that only utilize email support often offer substandard support. It is 2020, and companies have cost-effective ways of providing at least live chat support. If they are too cheap to provide quality support, they are probably cutting costs in other areas and should be avoided.