Will Australian Racing Courses Ever Accept Cryptocurrency as a Method of Payment?

Horse racing in Australia is one of the most popular sports not only in the country but also across the universe. The sport has a colourful and rich history that includes several legendary horses and beautiful racing venues. Australia ranks third worldwide when it comes to horse racing yearly prize value, behind Japan and the United States.

Traditionally, horse racing is incomplete without a mix of fans and sportsbooks like Sportsbet. And betting is a key part of any country’s sporting industry, collecting more than $15 billion in bets each year. Most transactions that lead to this amount are made through traditional payment methods, with a small percentage made using cryptocurrencies such as Bitcoin, Bitcoin Cash, LiteCoin, and more.

Currently, there are more than 360 racecourses in Australia, and all of them host different races and competitions. The most popular Australian racecourses include the following:

  •         Flemington: Popular for hosting one of the famous handicap race in the world, the Melbourne Cup, this racecourse attracts a massive number of competitors as well as thousands of spectators.
  •         Belmont Park: Also known as The Pride of Perth, Belmont Park is a popular racecourse in the West of Australia. Since 1910, it has been used for flat racing and attracts thousands of fans each year.
  •         Canterbury Park: This is one of the prime horse racing venues in Sydney. This racecourse hosts a number of events each year, and it is known for its gambling culture.
  •         Rosehill Gardens: Opened in 1885, Rosehill Gardens is one of the oldest horse racing courses in Australia. The racetrack is oval-shaped, measures 2048 metres, and includes a 408-metre straight section. It is located in New South Wales.

The Future of Bitcoin and Other Cryptocurrencies at Racing Courses

With advancements in technology and emerging trends in banking and payment methods, cryptocurrency is the next big revolution to watch out in the horse racing industry. With a lot of benefits and a few drawbacks that can be addressed easily, cryptocurrency can significantly change the way people place bets and pay for horse racing services.

From massively reducing delays to allowing for anonymity and top-notch security, Bitcoin could be the best and the most popular in the future. However, for most individuals, the lack of governing authority is the main detriment. 

Summary

Cryptocurrencies are not a new thing anymore, and an increasing number of horse racing courses are considering cryptocurrencies, especially Bitcoin, as a primary payment method. Although it is straightforward to use, newbies can struggle when it comes to signing up. However, all Bitcoin transactions are more secure, efficient, and simple.

After creating an account, the next steps only include choosing a crypto exchange. These firms help crypto users and punters purchase their digital currencies in exchange for traditional money. The entire process is similar to that of traditional currency conversion. Once your Bitcoin wallet has some coins, you can start purchasing any goods and services that you need.