Can You Bet On Horse Races With Bitcoin?

There are few more popular sports to wager on online than horse racing. This is particularly the case when the biggest races on the calendar creep onto the horizon, as newcomers to betting online would want to place money on horses in races such as the Kentucky Derby, Grand National, and Melbourne Cup.

Nowadays, there are a vast number of sportsbooks available online, with each promising to offer something completely new to their customers. However, is there a growing number of sportsbooks that are enabling bets to be made with Cryptocurrencies such as Bitcoin? Read more on how you can bet on Triple Crown races, like Preakness Stakes, below.

Can Bitcoin Be Used Online?

Bitcoin is readily available to use to make deposits and withdrawals with a number of the leading sportsbooks in this modern era. However, if you are wishing to deposit and withdraw funds using this method, then you should make sure that the option is available at the sportsbook that you’re signing up for.

Depositing funds using the methods follows a very similar method to depositing funds using the standard methods. Before adding funds using Bitcoin, you must first sign up for an account, and follow the verification steps. However, once this had been done, you can add funds using Cryptocurrencies, and then start betting on horse racing.

Why Bet Using Bitcoin?

A growing number of bettors online are branching out to place their bets on Bitcoin, as there are huge number of pros that come by using the method. The biggest of those is that it offers a much quicker transaction than using debit cards or PayPal. Funds will be immediately available in your account, while it is also incredibly quick when it comes to withdrawing, as the winnings can be seen in your Bitcoin account within ten minutes.

Another key factor why there are a growing number of bettors using Crypto is down to the fact that is offers a lot more security online. Blockchain technology powers Crypto, meaning that it is a lot safer than using standard payment methods when it comes to hacker attacks.

Furthermore, there are no fees when it comes to depositing and withdrawing funds using Bitcoin. Some sportsbooks would charge a small fee to customers looking to take funds out of their account using a debit card method. Finally, Bitcoin and other variations of Crypto are accepted worldwide, which means that you can find more competitive odds for the race that you wish to bet on. Given the method is accepted worldwide, you may find value in your selection at an offshore site, which could see you get greater returns on your selection.

Are There Any Disadvantages?

The pros certainly weigh out the cons when it comes to using Crypto as a banking method on horse racing betting. However, the biggest concern for those looking to wager with Bitcoin is the fact that it is a method that isn’t accepted by all sportsbooks at this time.

This is down to regulatory issues, and it is predominantly the case when it comes to wagering at sportsbooks that hold a UK Gambling Commission license. However, given that the method is readily accepted elsewhere, this could be a factor that may change in the near future.

How To Place A Bet

After depositing funds with Bitcoin, you can then make your first wager on horse racing with the sportsbook. Before doing this, you should ensure that you have taken advantage of the welcome bonus if there is one available. Following this, you should access the horse racing section, and find the meeting that you wish to place a bet on. Once you have selected your runner, you can then head into your bet slip, and enter your stake. Then, once you’re happy with your selection, you can complete the transaction.

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