Horse Racing Fixed Odds Betting With Cryptocurrencies: Bets on Markets Using Bitcoin & Alternative Cryptos

Horse racing has a deep history and a global following, known for exciting races and the added thrill of race betting. With the rise of cryptocurrency, fixed odds betting on horse racing with cryptocurrencies is becoming increasingly popular.

Our expert-written GOSUBETTING guide will walk you through everything you should know before getting started with fixed odds Bitcoin betting on horse racing, including all the basics, the terminology, the pros and cons, popular betting markets, strategies, and how to get started.

How Horse Racing Fixed Odds Betting Works

Fixed odds Bitcoin betting is one of the simplest and most popular ways to bet on horse racing. The core idea is that when you place a bet, the odds at that moment are locked in and don’t change, no matter what happens between you placing the bet and the start of the race. This fixed nature helps Bitcoin bettors know exactly how much they could win based on the odds they received.

For example, if you place a win bet on a horse with 5/1 odds and the horse wins, your payout will be calculated based on those odds, regardless of whether the odds shorten (become less favorable) or lengthen (become more favorable) after you place the bet.

This predictability gives you clarity when calculating your returns ahead of time. In other words, this kind of fixed system allows Bitcoin bettors to enjoy their bets without any surprises down the line, a bit like having a safety net in an otherwise unpredictable sport.

Pros of Horse Racing Fixed Odds Betting

Certainty of Potential Payout

Since the odds are locked in when you place the bet, you know exactly how much you could win. This predictability is reassuring for Bitcoin bettors, especially beginners, who prefer to avoid the complexity of fluctuating odds.

Easier to Understand for Beginners

Fixed odds Bitcoin betting for horse racing is pretty straightforward. You don’t need to track changing odds or worry about how changes in the betting market might impact your payout. You just pick your horse, place your bet, and wait for the results.

No Worry About Late Market Movements

If you place your bet early, you won’t be affected by any sudden changes in the market that might happen closer to race time. Whether more people start betting on your horse or there’s new information (like a change in the jockey), your payout remains tied to the odds at the time of your bet.

Cons of Fixed Odds Horse Racing Bitcoin Betting

Less Flexibility

Once you’ve placed your bet, you can’t take advantage of any improvements in the odds. If your horse’s odds lengthen (become more favorable) after you’ve placed the bet, you’re locked into the original, less favorable odds.

Missed Opportunities for Better Payouts

In fixed odds Bitcoin betting, you may miss out on better returns if late information causes the odds to shift in your favor. For example, if a favored horse is scratched from the race, the odds on your chosen horse might improve. But with fixed odds, you won’t benefit from this change.

Benefits of Using Bitcoin Fixed Odds Horse Race Betting

• Fast Transactions: Bitcoin transactions are quick, so you can place last-minute bets fast.
• Lower Fees: Compared to traditional fiat currency transactions, Bitcoin has lower fees.
• Privacy: Bitcoin gives you more privacy since transactions don’t require personal banking details.
• Worldwide Access: With Bitcoin, geographical restrictions often imposed by fiat betting sites are virtually nonexistent.

Unique Horse Racing Fixed Odds Bitcoin Betting Opportunities

Betting with Bitcoin opens up 5 unique opportunities that aren’t always available with traditional fiat betting:

Micro Betting

Bitcoin betting allows for micro-betting, where you can place very small bets, even fractions of a cent. This is great for beginners who want to try betting without risking too much money.

Decentralized Platforms

Some Bitcoin betting sites operate on decentralized platforms, meaning they have no central authority. This can offer more transparency and security, as all transactions are recorded on the blockchain.

Live Betting

Bitcoin’s speed allows for live betting where you can place your bets in real-time as the race is happening. This adds an extra layer of excitement (and lets you react to race changes as they happen).

Early Cash Out Options

Some Bitcoin sportsbooks offer early cash-out options letting you secure part of your winnings before a race ends. This can be useful if you’re unsure whether your chosen horse will maintain its lead.

Betting Syndicates

Bitcoin makes it easy to join betting syndicates where groups pool their resources to place large bets, potentially increasing payouts while spreading risk around.

Getting Started with Horse Racing Fixed Odds Bitcoin Betting

1. Set Up Your Wallet: To bet with Bitcoin you’ll need a wallet to store all your cryptocurrency safely in. Wallet options include mobile apps, web-based and hardware wallets. Make sure to turn on the two-factor authentication for extra wallet security.
   
   
2. Buy Crypto/Bitcoin: Purchase crypto or Bitcoin from an exchange using your usual local currency then transfer it to your wallet (make sure it’s secure before going ahead with any activities related to betting).
   
   
3. Choose Your Sportsbook Well: Not every Bitcoin sportsbook offers this type of service so it’s important to select one that does. Look for well known ones with different markets along with solid reputations in terms of security/customer service.
   
   
4. Deposit Funds into Your Account: Once you’ve selected a good site, create an account then go and deposit your money choosing “Bitcoin” as your preferred method. Following the instructions for transferring money from the wallet onto the platform itself and then you’ll finally get to explore the betting markets available.
   
   
5. Place Your Fixed Odds Bitcoin Bet: After familiarizing yourself with the fixed odds bets for horse racing you are now ready to place your first Bitcoin bet.

Popular Horse Racing Fixed Odds Bitcoin Betting Markets

• Win Bet: Bet on a horse to win the race. If it finishes first, you win.
  
  
• Place Bet: Bet on a horse to finish first or second. Lower risk than a win bet, but also lower payouts.
  
  
• Show Bet: Bet on a horse to finish in the top three. Even safer but with smaller returns.
  
  
• Exacta Bet: Predict the first and second place horses in the correct order. Higher risk but better payouts.
  
  
• Trifecta Bet: Bet on the first, second, and third place horses in exact order. Difficult to win but offers substantial payouts.
  
  
• Superfecta Bet: Predict the first four horses in the correct order. High difficulty, high reward.
  
  
• Each-Way Bet: A combination of win and place bets. If your horse wins, then both the bets pay out. If it is placed, only the place bet pays.
  
  
• Quinella Bet: Bet on two horses to finish first and second in any order. Easier than an exacta but with lower payouts.
  
  
• Daily Double: Pick the winners of two consecutive races. This requires good knowledge of multiple races but can yield good payouts.
  
  
• Pick 3/4/5/6: Select the winners of a series of races. The more races, the higher the payout, but also the greater the difficulty

Good Practices for Horse Racing Fixed Odds Bitcoin Betting

Research Thoroughly

Getting a profit in horse racing betting often comes down to your research. Study the form of the horses, the jockeys, the trainers, and the conditions of the racecourse. Things like weather and track conditions can have a big impact on a horse’s performance.

Understand the Odds

Different crypto sportsbooks will offer different odds for the same race. Always compare the odds across a couple of different Bitcoin sportsbooks to ensure you’re getting the best value for your Bitcoin bets.

Use Bitcoin’s Speed for Last-Minute Bets

Bitcoin transactions are almost instant, so you can place fixed odds bets right up until the race starts. Use this to your advantage by placing bets after all relevant information is available.

Manage Your Bitcoin Well

Given Bitcoin’s volatility, it’s a good idea to manage your money well. Set a budget for how much you’re willing to bet and stick to it. Avoid chasing losses by betting more than you can afford.

Don’t Bet Emotionally

Betting on your favorite horse or jockey might be appealing, but it’s essential to be objective. Base your bets on solid research and statistics, not emotions.

Bet on Familiar Races

Focus on races and horses that know. This knowledge can provide a big advantage when making fixed odds Bitcoin betting decisions.

Research Past Performances

Look at a horse’s past performances under similar conditions. How did it perform in wet weather? Has it raced well on this type of track before? This information can give you an edge.

Take Advantage of Bonuses

Many Bitcoin sportsbooks offer bonuses to their Bitcoin bettors, such as deposit bonuses or free bets. It can be beneficial to open multiple betting accounts to take advantage of multiple bonuses but read the terms and conditions carefully.

Stay Updated

The horse racing world is fast changing, with changes happening regularly. Follow the latest news, track conditions, and expert opinions to stay up-to-date and make better Bitcoin betting decisions.

Keep Records

Keep detailed records of your bets, including the amount you bet, the type of bet, and the outcome. This will help you analyze your fixed odds Bitcoin betting patterns and improve your strategy over time.

Bet Responsibly

The number 1 golden rule to abide by is to never bet more than you can afford to lose. Set limits for yourself and stick to them, and always remember that betting should be an enjoyable activity, not stressful.

Horse Racing Fixed Odds Bitcoin Betting Terminology to Know

Understanding horse racing terminology is essential for anyone looking to bet on the sport, as it helps you make informed decisions and follow the action more closely. Here’s a list of popular horse racing terms you should know:

Furlong: A unit of distance used in horse racing, equal to one-eighth of a mile or 220 yards. Races are often measured in furlongs.

Length: A measurement of distance between horses in a race. One length is roughly the length of a horse from nose to tail, used to describe the margin between horses.

Post Position: The starting gate position assigned to a horse before the race. The post position can impact a horse’s performance, depending on track conditions and race length.

Paddock: The area where horses are saddled and paraded before a race. Bettors often observe horses in the paddock to assess their physical condition and temperament.

Purse: The total prize money awarded in a race, distributed to the owners of the top-finishing horses. Higher purses typically attract better horses and higher competition.

Scratch: A horse that is withdrawn from a race before it starts. This can happen due to injury, illness, or other factors affecting the horse’s ability to compete.

Stakes Race: A race where the owners of the horses pay a fee to enter. Stakes races are usually high-profile events with significant purses and attract top competitors.

Maiden: A horse that has never won a race. Maiden races are specifically for horses that have not yet won, providing an opportunity for less experienced horses to compete.

Handicap: A race where the horses will carry different weights which are assigned by the handicapper to level the playing field. The goal is to give all horses an equal chance of winning.

Claiming Race: A race in which all the horses are for sale at a predetermined price. Potential buyers can “claim” a horse before the race, but the horse still runs in the race regardless of the claim.

Final Thoughts From GOSUBETTING

Fixed odds Bitcoin betting on horse racing is an exciting way to enjoy traditional horse racing with the advantages of cryptocurrency betting. With quick transactions, lower fees, and added privacy, it’s easy to see why more bettors are turning to Bitcoin for their horse racing bets. By reading our guide and using smart strategies, you can make the most out of your betting.

10 Helpful Frequently Asked Questions

• What exactly is Bitcoin betting in horse racing? +
  Bitcoin betting in horse racing essentially means using Bitcoin, which is a type of digital currency, to place your bets on different outcomes in horse races. This method offers much quicker transactions, a lot lower fees, and quite a bit more privacy compared to fiat betting.
• Is Bitcoin betting on horse racing legal or not? +
  The legality of using Bitcoin for betting on horse races can vary quite a lot depending on your country and local jurisdiction. It’s important to always check your local laws and regulations so you can make sure you’re staying within the rules.
• How do I go about choosing a reliable Bitcoin sportsbook for horse racing? +
  You should look out for Bitcoin sportsbooks that have solid reputations, lots of positive user reviews, secure transaction methods, and a good range of betting markets. Also, it’s important to verify if they have proper licensing and regulation.
• Can I bet on international horse races with Bitcoin too? +
  Yes, you can – Many sportsbooks that accept Bitcoins offer you options for placing bets on international horse races. This gives you the opportunity to bet on events happening all around the globe.
• What are some risks involved with Bitcoin betting on horse racing? +
  One major risk involves the often unpredictable volatility of Bitcoin’s value along with the potential for financial loss. It’s really important to bet responsibly and not bet more than what you’re comfortable losing.
• How can I improve my chances of winning when placing a bet? +
  Do your research beforehand by looking into past performances, manage your money responsibly, and compare odds across different Bitcoin sportsbooks.
• What happens if the horse I placed my bet on doesn’t end up running? +
  If it turns out that the horse you’ve placed a bet on is a non-runner (which sometimes happens), most Bitcoin sportsbooks will typically refund your bet especially for win-place-show bets. Always be sure to check their specific policy regarding this situation.
• Are there any fees tied to using Bitcoin for betting in horse racing? +
  While transactions involving Bitcoins generally come with lower fees compared to fiat, some sportsbooks might still charge small fees either when depositing or withdrawing money. Always review their terms first.
• Can I use my mobile device easily for placing bets with Bitcoins on these races? +
  Yes, most modern-day sportsbooks accepting Bitcoin have websites or apps specifically optimized for mobile use so you can conveniently place those bets right from your smartphone or tablet anytime anywhere without any hassle at all!
• What should I do if I have issues with my chosen Bitcoin sportsbook? +
  Your first step should be to reach out to the customer support team who are there specifically to help resolve any problems or questions you might have.