So, you want to test your luck with horse racing, but with a twist. Instead of using real money to bet on races, you want to use cryptocurrencies. Welcome aboard. You wouldn’t be the first one in this digital revolution. After all, crypto sports betting has been around us for a couple of years.
But cryptocurrencies grow in popularity, we are seeing more people jumping on this fast-moving train and taking advantage of all the benefits that come from betting with crypto. However, betting with crypto isn’t as straightforward as most people think.
First of all, there are many different cryptocurrencies, each having coming with different advantages and disadvantages.
Why Solana?
Solana is a popular choice among horse racing bettors, and there are a number of reasons for that. Firstof all, Solana is known for its lightning-fast transaction speeds, and the network can process thousands of transactions per second with minimal fees.
Compared to some more popular cryptocurrencies like Bitcoin or Ethereum, Solana transactions are much quicker and cheaper. This makes it the perfect choice for betting.
Choosing an efficient cryptocurrency like Solana is very important when it comes to sports betting, just because you’d want a network that will be able to place bets in seconds and a cryptocurrency that won’t eat much of your profits in transaction fees.
Here are some key features of Solana:
- The Solana network can handle up to 65,000 transactions per second, which is significantly faster than other blockchains.
- Transaction fees on Solana cost a fraction of a cent, making it a great choice for bettors that value every cent.
- Solana has an architecture that allows it to scale without sacrificing decentralization.
Why Horse Race Betting and Cryptocurrency?
So, at this point, you are probably wondering why people use cryptocurrencies for placing horse racing bets instead of using real money. Using Solana to bet on horse racing events brings a couple of benefits, such as:
– Transparency
Since we are talking about a Blockchain network, all transactions and bets are transparent and will stay foreverrecorded on the Blockchain. This reduces the chances of fraud.
– Speed
Just because there is no middleman (banks), the process of depositing and withdrawing Solana from a betting site in your wallet is instant and you can settle bets very quickly.
– Accessibility
In some regions, betting on horse racing is not regulated, illegal, or in the grey zone. Some regions also don’t have access to or the necessary tools to deposit and withdraw money from such betting websites. This is where cryptocurrencies like Solana come in handy. Crypto enables global participation without the need for traditional banking systems.
How to Bet on Horse Races with Solana
Step 1: Acquire Solana
Before you jump on analyzing races, you need to get your hands on some Solana (SOL). Unfortunately, you cannot obtain cryptocurrency or exchange it with FIAT directly on betting sites. You first need to make an account on some of the most popular crypto exchanges like Coinbase, Binance, or Kraken.
Once you make an account, you can purchase SOL in your own secured wallet using a credit card.
Step 2: Choose a Betting Platform
The next step is to choose a betting platform. The good news is that there are plenty of bookmakers online that now accept cryptocurrencies for betting on horses.
Choosing the right one is not as simple as picking an apple from a tree. You have to look at various things like betting options, bonuses, sports included, and the legitimacy of the website. Remember, crypto betting is a popular trend at the moment and there are many scams that you have to avoid.
Once you choose your betting platform and make an account, you have to deposit your cryptocurrency from the exchange to the betting site. You can do this by sending crypto to your betting site wallet address.
Just make sure to copy/paste the right wallet address.
Step 3: Placing Your Bets
Once you deposit your Solana onto the betting platform, you are ready to make a bet. However, before you do so, you need to make sure you fully understand the odds and the different betting types.
It is very important to understand how odds work in order to make informed decisions.
Types of Bets
Horse racing offers a variety of betting types:
– Win: Bet on a horse to finish first.
– Place: Bet on a horse to finish first or second.
– Show: Bet on a horse to finish in the top three.
– Exacta: Bet on two horses to finish first and second in exact order.
– Trifecta: Bet on three horses to finish first, second, and third in exact order.
You can check out TwinSpires.com if you want to learn more about the trifecta bets and why horse racing enthusiasts choose this kind of wager.
Each bet comes with a different risk and obviously rewards. Mixing things up can help you spice things up and possibly make more money.
Some websites allow you to bet directly using cryptocurrency, others want you to convert your Solana into FIAT, and some hand out their own virtual currency in exchange for SOL.
The Legal Landscape
Betting regulations vary by country and region. While some places have embraced cryptocurrency betting, others are more cautious or restrictive. It’s crucial to understand the legal framework in your jurisdiction before diving in.
