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By August 26, 2020 Read More →

Will Racing Courses Ever Accept Bitcoin as Payment Method?

Horse racing is an integral part of Australian sports and culture. This is evident from the countless racecourses around the country. Australia ranks third globally in annual prize value, trailing the United States and Japan. Horse racing is traditionally incomplete without a mix of spectators and bookies. And gambling is a core part of the country’s racing industry, collecting over $15 billion in wagers every year.

Although a bulk of these transactions are made using traditional money, a certain section consisting of youngsters advocate cryptocurrencies like Bitcoin. The authorities, however, are yet to take a stand. With over 360 racecourses within its boundaries, Australia hosts a variety of races, including left- and right-hand courses, and flat and National Hunt races to name a few. Visit Gamblerguy for more details.

5 Most Popular Race Courses in Australia

  1. Rosehill Gardens – First hosted in 1885 in New South Wales, Rosehill Gardens is among the oldest racing courses in the country. The oval-shaped track measures 2048-meters, including the famous 408-meter straight section.
  2. Belmont Park – A popular raceway in the West, “The Pride of Perth” is a 1700-meter oval course used for flat racing since 1910. The famous Belmont Sprint attracts thousands of spectators every year.
  3. Flemington – Renowned for hosting the world’s most popular handicap race, the Melbourne Cup, Flemington Racecourse attracts thousands of people every November. With a record attendance of 12,200 spectators back in 2003!
  4. Clare Valley – The home of Australian racing, racers love Clare Valley despite its smaller size compared to some of the other tracks in this list. Located in Stanley Flat, it is among the most popular racing courses in Southern Australia.
  5. Canterbury Park – One of Sydney’s prime horse racing arenas, Canterbury hosts a ton of events annually. The prime attraction here is the gambling culture, which draws an impressive number of people to the stands.

Betting Big on Bitcoin

Cryptocurrencies aren’t a novelty anymore, and a rising number of racing courses are considering Bitcoin as a mode of payment. Although simple, signing up on Bitcoin can initially be a struggle for newbies, as using a traditional payment method is easier! The silver lining, however, is once it’s up and running, there’s no need to hassle over deposits and withdrawals ever again. Bitcoin transactions are efficient, simple, and secure.

Once registrations are complete, the next step involves selecting a cryptocurrency exchange. These organizations help players buy digital currency in exchange for conventional money. The process is very similar to traditional currency conversion. Once that’s out of the way, players need a Bitcoin wallet to begin transactions.

The Future of Bitcoin at Racing Courses

Taking emerging trends into account, cryptocurrency will usher in the next big revolution in the banking setup. With a host of positives and a few negatives that need addressing, Virtual currencies can change the way people wager. From drastically reducing delays to allowing secure international transfers in seconds, Bitcoin could be a mass-preferred payment mode in the near future.

Its most obvious pros are the lack of transaction fees and anonymity. Since gambling is illegal in certain parts of the world, anonymous transactions would eliminate the need for conventional transfer methods like credit cards and wire transfer.

However, the absence of a governing authority has been a significant detriment for most people. The lack of conventional security like gold and other precious metals in exchange doesn’t help either!

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