Horse racing is a sport that has always been associated with the past, even though it is one of the most tech-forward sports out there. Despite sharing a lot of history and heritage, horse racing, at least big events has always searched for a way to future-proof the sport.
It is the only way that horse racing can stay relevant for centuries in the future.
But how can we future-proof horse racing?
Well, by adopting new tech solutions that can improve the overall user experience, make the sport safer for jockeys and horses, make it more entertaining, and of course, more convenient.
So, how does digital finance impact horse racing?
We know digital finance has revolutionized the world bringing new solutions like instant payments, currency exchange, international transactions, cryptocurrency, and more. So, what all has to do with horse racing?
Let’s find out.
Horse Racing As a Sport
Horse racing is a sport where milliseconds can separate winners from losers, and it has always been a sport that thrives on data and precision. Being a sport that relies on data, especially for the betting part of horse racing, opening the doors of digital finance can really help the sport advance.
We want to see instant transactions, safer betting, improved cybersecurity, more payment options, and much more.
Digital Finance in Horse Racing
The technology is already embedded into the sport, and the next phase has already started without us noticing any change.
How? Well, if I asked you to place a bet 15 years ago on a horse, how would you do it? You’d probably go to the nearest horse racing venue and place a bet at the paddock. Nowadays, all of that is a thing of the past as you can place your bets directly from your smartphone.
Therefore, digital finance isn’t here to reinvent the sport, it is here to enhance it, make it more available to the public, and offer many new opportunities.
The mobile betting apps for horse racing truly revolutionized the sport. Horse racing is a very saturated sport in certain locations. This means that it was impossible for fans to watch races and place bets from places where there weren’t many races.
But mobile apps gave us features that are really close to internet banking. You can open an account, deposit some money, place a bet, get your winnings, and withdraw them to your bank account.
It might look simple enough, but this was impossible without digital finance. Additionally, the advancement in digital finance can be seen in transaction processing times.
Not too long ago, you’d have to wait a couple of days, if not weeks for the funds to show up in your bank account, but nowadays that time is significantly reduced. This means that the payouts from your bets can be withdrawn very fast.
Last but not least, bookies can offer more complex odds, like for example the case of pari-mutuel betting by TwinSpires. Some specific betting markets need to be calculated to the longest decimal.
Blockchain in Horse Racing
One of the most talked-about subjects recently is cryptocurrencies, and just like many other industries, they’ve also affected horse racing. Betting to be more precise.
Nowadays, thanks to advancements in digital finance, people no longer need to use FIAT currencies. Instead, they can use cryptocurrencies like Bitcoin or Ethereum to place a bet.
There are many benefits that come from using cryptocurrencies, such as:
- Enhances security
- Lower fees
- No middleman (bank)
- Even faster transactions
This revolutionized the sport and made betting not just more convenient, but also made it available to the wide population.
The Future of Digital Finance in Horse Racing
When we talk about horse racing, finances aren’t the first thing that comes to mind. Yes, they are important, but people often focus more on the excitement of the races, rather than their budget.
For those who do focus on such things, digital finance is here to change the landscape forever.
Apart from the changes we talked about before, we expect other financial features to come to horse racing. We’ve already seen companies that allow you to invest in a horse, and possibly earn money if the horse is successful, which can be a real game-changer.
Can you imagine? Sitting on your sofa and cheering for a horse that you actually own? It is a dream come true for most horse racing enthusiasts.
Additionally, we hope to see lower fees, more payment options at bookmakers, and handy analytics of your budget, which is very important, especially for responsible gambling.
Final Words
So, even horse racing, the grandad of all sports is seeing the benefits of advancements in the digital finance industry. All of these changes make any sport more accessible and give them the right tools for the sport to make money and survive.
We live in a digital world, where digital finance should be the right way to go, not just for sports but even for us, regular people.
- Photo by Christine Mendoza on Unsplash
