Crypto Betting at the Kentucky Derby on the Rise

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Cryptocurrency Betting and the Kentucky Derby

The Kentucky Derby is a tradition like no other. From the attire to Mint Juleps to the setting, Churchill Downs, everything about the Derby is iconic. Another tradition the Derby is known for is the betting. And now crypto enthusiasts can bet using major coins.

Crypto Betting and the Kentucky Derby

According to CNN, over $138 million was bet legally at tracks and off tracks during the 2015 Derby, with $12 million of that bet at Churchill Downs alone. It comes as no surprise that crypto-lovers would want in on some of this betting.

The US Racing Association recently announced that some private international gaming companies will be accepting Bitcoin, Bitcoin Cash, and Litecoin for betting on the Kentucky Derby this year.

“Right now, while punters are limited to a handful of private international gaming companies that will accept deposits with cryptocurrency, players with crypto wallets can use Bitcoin, Bitcoin Cash or Litecoin to make a deposit and bet on the Kentucky Derby,” said Tim Maxwell, US Racing’s operations director, in a statement.

Cryptocurrency and Gaming

Betting and gaming with cryptocurrency is not a new thing. There are many platforms out there that allow users to bet with crypto. We’ve previously reviewed one that caught our attention, FunFair. FunFair is an online gaming platform that allows users to bet through high quality 3D gaming using Ethereum Smart Contracts.

Many may be hesitant to fully jump on board the crypto gaming/betting trend, as the risk versus reward may be too high. With gambling there is always some type of risk versus reward, however, with crypto this is amplified by the volatile nature of crypto valuations. For those that are drawn to high risk, high rewards scenarios, betting with crypto could be a major payday.

While tracking down actual cryptocurrency gambling statistics is hard, we did find some dated statistics (from April 11, 2017) stating that since 2014 roughly 3.7 million BTC has been wagered. Obviously, that number has probably increased drastically over the last 12 months given the drastic increase in crypto interest. As of April 11, 2017, the price of one 1 BTC was a little over $1k USD, where as this April 11th, it was roughly $7k.

Cryptocurrency Betting Statistics
image courtesy of Bitcoin.com

It’s clear, given the drastic rise in crypto prices year over year, that crypto isn’t going anywhere any time soon. As more and more events like the prestigious, Kentucky Derby, begin accepting crypto for betting and payment purposes, mainstream crypto adoption will continue to grow.