Most people consider horse racing to be an old sport strongly tied to tradition which remained the same for centuries. However, the situation is very much different.
Horse racing is one of the most technologically advanced sports that has an open mind for new revolutionary tech that promises to make the sport safer, more entertaining, and sustainable.
Over the years we’ve seen many technological advancements introduced to horse racing, such as smart wearables, AI, big data and machine learning, drone technology, VR, and of course cryptocurrencies and blockchain technology.
This not-so-new tech promises a lot of great things for horse racing. First of all, it will open up the sport to a wider audience, can revolutionize the betting aspect of horse racing, and most importantly, can redefine ownership and even the breeding aspects of horse racing.
That’s why in today’s article we’ve decided to dive deeper into the world of blockchain technology and find out more about all the advancements it brings to the world of horse racing.
NFTs in Horse Racing
The first and most drastic change that blockchain technology brought to the world of horse racing is the introduction of NFTs or non-fungible tokens. These digital collectibles might seem pointless at the beginning, but once you peel the first layer you can see the impact that this technology might have on the sport.
First of all, NFTs and digital collectibles introduced a new aspect of the sport in terms of racehorse ownership. Nowadays, regular horse racing enthusiasts can also become racehorse owners by purchasing an NFT of a digital horse or even diving into fractional ownership of real-world horses.
Blockchain technology redefined fractional racehorse ownership and now people can invest as little as they wish and become part racehorse owners.
Additionally, NFTs brought the introduction of digital horse racing. Yes, it might not have the thrills of an actual race, but it is a new market where people can watch and bet on digital horses which will bring a new revenue stream for the industry.
Blockchain and Breeding
Breeding is a serious aspect of horse racing. It involves matching DNA from champions, and creating combinations in order to get a horse that has the abilities and potential to win big races.
But how can Blockchain upgrade the breeding process in the sport?
Well, as you probably already know, the blockchain is a digitally distributed and decentralized public ledger that exists across a network. With each information on the blockchain, a block is created that will stay forever.
Therefore the breeding process can transform digitally using blockchain technology. In other words, you can carefully trace a horse’s DNA hundreds of years if all of that is recorded on the blockchain.
This not only ensures the integrity of the breeding process but also opens up new avenues for online transactions and agreements, simplifying and securing the exchange of valuable genetic material.
Betting
If you love horse racing betting, then you probably already know that you can do that using cryptocurrency. Why?
Well, cryptocurrencies allow more freedom in the betting space. Remember, not all races are available to bet on all around the world, but cryptocurrencies can help you bypass geo-restrictions and open up the betting market.
You can wager on all kinds of bets using cryptocurrencies. From morning line odds, which according to TwinSpires are selected by an odds line maker, to exotic wagers and other handicapping options.
Crypto will unlock the door of betting possibilities for everyone.
Racing Games and Virtual Stables
As if real-world changes weren’t enough, the digital realm is also seeing a surge of horse racing excitement. NFT horse racing games like Zed Run, Game of Silks, and DarleyGo combine the thrill of racing with the dynamics of blockchain, allowing players to breed, race, and trade digital horses in a virtual world.
These games aren’t just about entertainment; they’re creating entire economies, with rare digital bloodlines and tokens fueling a bustling marketplace.
Economic Impact
The financial implications of integrating crypto into horse racing are staggering. From the US to Australia, the horse racing industry is a significant economic driver, with billions in revenue and contributions to GDP.
The global horse racing market is estimated to be around 400 billion, and this number will increase significantly with the introduction of cryptocurrencies.
Crypto’s entrance could amplify these numbers, attracting more investment, increasing global participation, and expanding the sport’s reach.
This is something that the sport needs at the moment. Crypto can create new revenue streams from selling NFTs to participation in virtual games. The more money goes into horse racing the healthier the sport will be, which translates into more fans and increased popularity.
Eventually, crypto and blockchain technology can future-proof horse racing and prepare it for what’s to come. On top of that, it will make the sport more interesting for the younger generation, which is usually more tech-oriented.
Final Words
Obviously, there are a lot of benefits that come from cryptocurrencies and blockchain technology in the world of horse racing. From fractional ownership of real horses to virtual horse racing games, and updated breeding systems, one thing is for sure. The sport is on the right path.
The best thing about this technology? Well, it has been around for a couple of years and we’ve still not fully explored its potential even though it already has a big impact on the industry. If we continue to move at this pace, the horse racing industry will change drastically in the next couple of years.
